Last week, Bitcoin’s (BTC-USD) rally demonstrated the positive impact it had on crypto stocks, which tend to outperform Bitcoin itself. However, this is a double-edged sword, and today’s price action highlights that. Indeed, the price of Bitcoin slipped today by 2.82% at the time of writing.
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Unfortunately, crypto stocks fell even lower since the underlying price of Bitcoin impacts their financial results. Those affected today include:
- Marathon Digital (NASDAQ:MARA)
- Bit Digital (NASDAQ:BTBT)
- Riot Platforms (NASDAQ:RIOT)
The biggest loser today is RIOT stock, which has seen share prices drop by more than 6% at the time of writing. It is followed by MARA and BTBT, with losses of 4.5% and 3.8%, respectively.