Coinbase and other crypto stocks extend their losses after Bitcoin’s sharp drop

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Coinbase
,


Digital marathon

and other cryptocurrency-related stocks extended their losses on Thursday after


Bitcoin

collapsed and investors sold off the tech sector.

Coinbase (ticker: COIN) fell 1.4% to $ 231 in pre-market trading on Thursday after falling more than 7% in the previous session as Bitcoin slipped after the release of the minutes of the Federal Reserve meeting in December.

Marathon Digital (MARA) fell 1.8% early Thursday after losing more than 13% on Wednesday;


Riot blockchain

(RIOT) was down 2.3% on Thursday after falling 12% on Wednesday; and


MicroStrategy

(MSTR) fell 2% after falling 7.6% in the previous session.

Bitcoin was at $ 42,879, down 8.3% in the past 24 hours, according to CoinDesk. The decline of the world’s largest cryptocurrency coincided with a sharp drop in tech stocks after Fed officials said inflation numbers and tough working conditions could justify a rate hike. interest “sooner or at a faster rate than participants anticipated.” Bitcoin has fallen 7.7% since the start of the year.

Ethereum,
the second-largest digital currency stood at $ 3,359, down 12.2% in the past 24 hours, according to CoinDesk.

The sale of Bitcoin could be another sign that the cryptocurrency is acting more like a technological stock than a store of value, like gold. The tech-heavy Nasdaq fell 3.3% on Wednesday, its largest single-day percentage drop since February.

Goldman Sachs has argued that Bitcoin could be worth $ 100,000 if investors accept that it is truly digital gold.

Write to Joe Woelfel at [email protected]


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