June 9, 2023

Cryptocurrency stocks fall

Cryptocurrency stocks fall

The collapse of global stock markets affected the value of shares in cryptocurrency companies.

After the fall oil prices by 30% and due to a decrease in stock indices in Europe, the USA and Asian markets, quotes of cryptocurrency companies rapidly crawled down

Sunday sale capitalizationmarket declined by $ 21 billion. It is worth noting that over the past 7 days, capitalization has fallen by about $ 40 billion. Bitcoin broke through the psychological support level of 8000.00 USD, following the decline of other crypto assets.

Shares of companies associated with cryptocurrency and blockchain also lost significantly in value.

The price of shares of Canaan Creative, one of the largest Chinese players in the mining equipment market, fell by more than 20%. Shares of Canadian mining company Hut 8 fell 13.22%.

Silvergate Bank which supportsbitcoin startups, lost 13% of the value of shares. Galaxy Digital Holding, a multi-disciplinary multi-service commercial bank specializing in the digital asset and blockchain technology industry, noted a 8.57% drop in its stock.

World Stock Market Fever Due to Falloil prices and the spread of coronavirus. Investors are trying to look for safer assets amid fears that the coronavirus will destroy global supply chains and lead to a recession in the economy.