Numerous U.S.-based cryptocurrency mining stocks are reflecting Bitcoin’s downturn, trading down nearly 10% in premarket activity.
Marathon Digital Holdings (MARA) is showing a 6.5% decline, while Hut 8 (HUT) is down by 8.1% at present. MicroStrategy (MSTR), the software firm led by Michael Saylor and holder of more than 210,000 BTC, is down 6.4% currently.
The recent decline in stock prices follows Mt. Gox’s transfer of $2.6 billion worth of Bitcoin (BTC) to a new wallet as part of its creditor repayment preparations. This drop coincides with Bitcoin’s own 10% decrease in value over the past week, exacerbated by the German government’s decision to liquidate seized BTC.
Other crypto-related stocks such as Coinbase (COIN), CleanSpark (CLSK), and Riot Platforms (RIOT) also saw declines ranging from 6% to 8% in premarket trading.
Bitcoin’s slump continues, with the cryptocurrency hovering around $55,400 at the start of Friday, marking a decline of more than 10% in the past five days. On Thursday, Bitcoin’s value slipped below the $55,000 threshold, reaching levels last seen in February.
There is evident pressure from large-scale selling, with some Bitcoin traders feeling unsettled due to significant holders like Mt. Gox offloading their BTC holdings.