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Stocks dominated by crypto-related technologies plummet when Bitcoin falls below $35K

Crypto stocks tumbled on Friday as risk-off sentiment swept through the markets. While the US markets recorded their fifth consecutive negative session, cryptocurrency was bleeding heavily after bulls were battered. Bitcoin price declined below a critical support level, with an analyst suggesting the drawdown could see the pioneer crypto slump to lows of $30,000. On…

Crypto stocks tumbled on Friday as risk-off sentiment swept through the markets.

While the US markets recorded their fifth consecutive negative session, cryptocurrency was bleeding heavily after bulls were battered.

Bitcoin price declined below a critical support level, with an analyst suggesting the drawdown could see the pioneer crypto slump to lows of $30,000. On Saturday 22 January, Bitcoin price broke below $35,000 and was on track for more than 12% in intraday declines and close to 20% over the week.

Crypto stocks such as Marathon, Voyager Digital, and Coinbase fell Friday. MicroStrategy also saw a significant dip.

Riot Blockchain shares plunge 15%

Riot Blockchain (RIOT) shares retreated heavily on Friday, dropping more than 14% to close at $15.00. Over the week, RIOT has declined 24% and is down more than 33% YTD.

Despite the recent downturn, shares in the Bitcoin miner have remained up to 400% over the last three years. The company’s revenue has increased by twofold over the past three years, which suggests that it is on solid footing.

Elsewhere, Coinbase (COIN) slipped 13% to $191. 97, while Robinhood (HOOD) fell 5.2% to $12.98. Coinbase shares declined

Robinhood’s shares are nearly 30% down year-to-date and close to 60% off its IPO price of $38 in July.

Voyager Digital Ltd shares fell to a 52-week low of $9. 95 before recouping some of the losses to close at $10. 12, about 15% lower.

Other publicly traded crypto-centric companies to see huge declines on Friday were Hive Blockchain (HIVE) at -16%; Marathon Digital Holdings (MARA) at -11%; Hut 8 Mining (HUT) at -13% and Bitfarms (BITF) at -14%.

MicroStrategy (MSTR) slides 20%

MicroStrategy Inc. shares fell over 20% on Friday to record the stock’s worst single-day performance since 23 February 2020. After opening at $422., the stock fell to $20% on Friday. This was the worst single-day performance since February 38. 84, the stock fell to $365. 98 to touch a 52-week low before closing at $375. 89 for an 18% downturn.

On a weekly view, MicroStrategy has declined 22%, while year-to-date returns stand around 33% lower.

While the stock price of the enterprise software manufacturer is falling in line with the overall market trend, documents proving that the US Securities and Exchange Commission had rejected the company’s crypto accounting strategy showed that it was also on the verge of declining.

MicroStrategy CEO Michael Saylor stated last week that they would not sell their Bitcoin assets even if the market continues to plummet.

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