Shares of crypto-related stocks are trading lower amid a pullback in Bitcoin.
Portfolio Pulse from Benzinga Newsdesk
Crypto-related stocks, including MARA and RIOT, are trading lower due to a pullback in Bitcoin prices.
April 16, 2024 | 3:16 pm
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NEGATIVE IMPACT
MARA's stock is trading lower as a result of the pullback in Bitcoin prices.
MARA, being directly involved in cryptocurrency mining, is highly sensitive to changes in the price of Bitcoin. A decrease in Bitcoin prices typically leads to a decrease in the stock price of MARA due to perceived lower mining profitability.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
RIOT's stock is trading lower following a decrease in Bitcoin prices.
RIOT, as a company that mines Bitcoin, experiences stock price movements closely tied to the price of Bitcoin. A pullback in Bitcoin prices can lead to investor concerns over profitability, thus affecting RIOT's stock negatively.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80