Bitcoin Decline Also Hit the Shares of Cryptocurrency Companies by 10 Percent!

As the price of Bitcoin (BTC) fell to its lowest level since February, stocks linked to the cryptocurrency industry in the USA went into the red.

The worst-hit names were MicroStrategy (MSTR) and Bitcoin mining company Hut 8 (HUT), with declines of almost 10 percent. MicroStrategy and Hut 8, which has more than 210,000 Bitcoins, lost 8.5 percent and 9.5 percent, respectively.

MicroStrategy, led by Michael Saylor, adopted Bitcoin as a “reserve asset” and began investing in August 2020.

They lost value along with Bitcoin

Other mining companies Marathon Digital (MARA), CleanSpark (CLSK) and Riot Platforms (RIOT) fell between 6 percent and 7.5 percent. Cryptocurrency exchange Coinbase (COIN) lost 6.5 percent of its value.

Bitcoin is hovering around $55,200 at noon today and is down 5 percent in 24 hours. It previously fell to $53,600, falling to its lowest level since late February.

This decline comes as a result of the collapse of crypto exchange Mt. Gox moved $2.6 billion worth of BTC to a new wallet and announced that it had started paying creditors 10 years after its bankruptcy. Traders panicked at the possibility of creditors selling these coins immediately, creating a huge selling pressure.

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