Crypto mining stocks plummet as Bitcoin falls from historic highs

Crypto mining stocks plummet as Bitcoin falls from historic highs

Bitcoin.

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Bitcoin's first big pullback of the year is hurting cryptocurrency miners on Monday.

Shares of Riot Blockchain and Marathon Patent Group have fallen over 15% on the back of Bitcoin's pullback.

Bitcoin mining is now more popular, and more difficult, than ever before according to data from CoinDesk.

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Shares of Cryptocurrency miners Riot Blockchain and Marathon Patent Group are taking the brunt of bitcoin's fall on Monday.

Both stocks are down over 15% following bitcoin's tumble from over $40,000 to under $33,000 per coin. The slide wiped some $170 billion off of total cryptocurrency market value in just a few days.

As of Monday morning, the decline is the largest drop for cryptocurrencies since their historic run began back in October.

The bitcoin sell-off comes after months of gains for cryptocurrencies and may signal some profit-taking, according to Simons Chen, executive director of investment and trading at cryptocurrency financial services firm Babel Finance.





Chen said in a statement, "the correction we saw was expected as we believe the BTC price surge recently from under $20,000 to $40,000 in the past four weeks will induce sell pressure," per CNBC.

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