The recent drop, in the value of Bitcoin BTC 2.43% has had an impact on the cryptocurrency mining industry and related companies. During the weekend Bitcoin unexpectedly fell by 7% going from $44,000 to $41,780 in a few minutes.
This sharp decline was particularly noticeable during the trading session on Monday, December 11th.
The effects of this drop were immediately felt across the mining industry. When the market opened on Monday stocks of mining companies listed on the stock exchange saw a decline of up to 10%.
Since reaching its peak at over $65,000 in 2021 Bitcoins price has decreased by around 70% greatly affecting the fortunes of those in the mining industry.
Large companies heavily invested in Bitcoin like MicroStrategy and Coinbase experienced declines in their stock values. MicroStrategy saw a decrease of about 7% in their shares while Coinbases shares dropped by, over 6%.
Additionally Bitcoin mining companies listed on Nasdaq like Marathon Digital Holdings, Hut 8 and Riot Platforms faced losses ranging from 10% to 15% during Monday morning trading.