Cryptocurrency stocks started Wednesday’s session lower, following recent declines in the value of bitcoin, which is now at a one-week low.
Marathon Digital (NASDAQ:) , the largest bitcoin mining company, fell 1.5% after the market opened.
At the same time, CleanSpark (NASDAQ:) fell 2%, Riot Platforms (NASDAQ:) lost 0.6%, and Coinbase Global Database (NASDAQ:) fell more than 1%.
Additionally, shares of Michael Saylor’s MicroStrategy (MSTR) fell about 3%, while Hut 8 Corp (NASDAQ:) shed more than 5%.
The losses came as bitcoin fell in value on Wednesday, extending losses from the previous session after a huge transfer of the tokens to a major exchange raised concerns about a potential sell-off.
The cryptocurrency, which recently topped $60,000, reversed course sharply on Tuesday and fell below that key threshold.
The drop comes after reports from Whale Alert, a service that tracks huge cryptocurrency transactions, which noted that about 30,000 bitcoins — worth $1.88 billion — were moved from a icy wallet to Binance.
While the transfer was later clarified to be an internal Binance transaction, the move still worried traders as huge transfers to exchanges often indicate a potential sell-off.
The development intensified selling pressure on Bitcoin, which was already pulling back after a brief weekend rally.
Altcoins have also mirrored Bitcoin’s decline. The world’s second-largest cryptocurrency, Ethereum, has shed more than 4% in the past 24 hours.
Solana and XRP fell 5.7% and 3.6% respectively, while Dogecoin lost 3.7%.
Prices of Bitcoin and other cryptocurrencies have traded in a tight range since hitting record highs in March, with trading volume gradually withering as retail interest waned.
