Why Bitcoin- And Ethereum-Related Stocks Are Sliding Today

Cryptocurrency-related stocks, including Coinbase Global Inc (NASDAQ: COIN), Marathon Digital Holdings Inc (NASDAQ: MARA), and Riot Blockchain Inc (NASDAQ: RIOT), are trading lower Thursday amid weakness in cryptocurrencies, led by declines in Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).

In Tesla Inc's (NASDAQ: TSLA) quarterly report Wednesday, the company announced that it converted approximately 75% of its Bitcoin purchases into fiat currency. Bitcoin turned sharply lower on the news and the rest of the crypto market seemed to follow.

Coinbase is the leading cryptocurrency exchange platform in the United States. The stock was down 3.95% at $72.30 at press time, according to data from Benzinga Pro.

Marathon Digital is focused on mining digital assets. Marathon shares were down 4.17% at $11.95 at press time.

Riot Blockchain is focused on building, supporting, and operating blockchain technologies. The stock was down 3.42% at $6.78 at the last check.

See Also: Bitcoin, Ethereum Flat, Dogecoin Among Top Gainers: Why This Analyst Says Tesla's Apex Coin Sale Implies Crypto Bottom Is Close

$BTC, $ETH Price Action: Bitcoin is down 4.41% over a 24-hour period at $22,743 and Ethereum is down 6.55% over a 24-hour period at $1,501.92 at press time.

Photo: Miloslav Hamřík from Pixabay.