The recent rally in Bitcoin had a positive impact on crypto stocks, which often outperform Bitcoin itself. However, this can also have negative consequences, as evidenced by today’s price action. \
Currently, the price of Bitcoin has slipped by 2.82%, and unfortunately, crypto stocks, including Marathon Digital (NASDAQ:MARA), Bit Digital (NASDAQ:BTBT), and Riot Platforms (NASDAQ:RIOT), have experienced even larger losses due to their financial results being affected by the underlying price of Bitcoin.
RIOT stock has been hit the hardest, with share prices dropping by over 6% at the time of writing, followed by MARA and BTBT, with losses of 4.5% and 3.8% respectively.