Shares of several crypto-related companies are trading lower amid a decline in the price of Bitcoin.
Portfolio Pulse from Benzinga Newsdesk
Shares of several crypto-related companies are trading lower due to a decline in the price of Bitcoin.
August 24, 2023 | 7:50 pm
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NEGATIVE IMPACT
Shares of Canaan Inc. are trading lower due to a decline in the price of Bitcoin.
As a company that manufactures hardware used in cryptocurrency mining, Canaan Inc. is directly affected by the price of Bitcoin. A decline in Bitcoin price can lead to less demand for mining equipment, negatively impacting Canaan's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Shares of Coinbase Global Inc. are trading lower due to a decline in the price of Bitcoin.
As a digital currency exchange, Coinbase's revenues are heavily influenced by the price of cryptocurrencies, especially Bitcoin. A decline in Bitcoin price can lead to less trading activity, negatively impacting Coinbase's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Shares of Hive Blockchain Technologies Ltd. are trading lower due to a decline in the price of Bitcoin.
As a company involved in the mining of cryptocurrencies, Hive Blockchain Technologies is directly affected by the price of Bitcoin. A decline in Bitcoin price can lead to less profitability in mining, negatively impacting Hive's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Shares of Hut 8 Mining Corp. are trading lower due to a decline in the price of Bitcoin.
As a company involved in the mining of cryptocurrencies, Hut 8 Mining Corp. is directly affected by the price of Bitcoin. A decline in Bitcoin price can lead to less profitability in mining, negatively impacting Hut 8's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Shares of Marathon Digital Holdings Inc. are trading lower due to a decline in the price of Bitcoin.
As a company involved in the mining of cryptocurrencies, Marathon Digital Holdings is directly affected by the price of Bitcoin. A decline in Bitcoin price can lead to less profitability in mining, negatively impacting Marathon's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Shares of Riot Blockchain Inc. are trading lower due to a decline in the price of Bitcoin.
As a company involved in the mining of cryptocurrencies, Riot Blockchain Inc. is directly affected by the price of Bitcoin. A decline in Bitcoin price can lead to less profitability in mining, negatively impacting Riot's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100