Why Bitcoin-Related Stocks Coinbase, Marathon Digital And Riot Platforms Are Falling – Coinbase Glb (NASDAQ:COIN)
Shares of several crypto-related stocks including Coinbase Global Inc COIN, Marathon Digital Holdings Inc MARA and Riot Platforms Inc RIOT are trading lower Monday amid a decline in the overall cryptocurrency market, led by Bitcoin BTC/USD.
What To Know: Bitcoin was down 3.89% at $27,842 at the time of writing. Several other cryptocurrencies including Ethereum ETH/USD and Dogecoin DOGE/USD were down more than 3%.
The weakness in the broader crypto space comes after Binance paused Bitcoin withdrawals on its platform due to a large volume of pending transactions. On Sunday, more than 465,000 Bitcoin transactions were waiting to be processed, per mempool.space. At the time of writing, withdrawals on Binance had resumed.
Coinbase is a provider of end-to-end financial infrastructure and technology for the crypto economy. The stock was down 4.19% at $55.80 at last check. It was trading even lower in early trading, but bounced after Daiwa Capital analyst Steven Nie upgraded Coinbase from Hold to Buy and raised the price target from $58 to $65.
Marathon Digital is engaged in mining digital assets. The stock was down 9.1% at last check. Riot Blockchain is focused on building, supporting and operating blockchain technologies. Shares were down 10.3% Monday morning.
Photo: Ricardo Goncalves from Pixabay.