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Stocks exposed to cryptocurrencies fell in premarket trading on Monday, as Bitcoins retreated from the record high it reached last month, to nearly 30%.
Marathon Digital Holdings Inc., Riot Blockchain Inc. and MicroStrategy Inc. all saw their shares sink by at least 8%, adding to the sharp losses last week due to a shift away from risk assets by investors. Coinbase Global Inc. and Bakkt Holdings Inc. fell 4% and 9%, while other stocks with heavy exposure to the space fell.
As speculation swirls about when central banks will tighten mass bond buying programs and raise interest rates, they are likely to be highly volatile, said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown.
The world's largest digital token dropped as much as 21% before paring its losses to just over 9%, while the latest selloff hit a fever pitch on Saturday. The volatile trading spread to other digital tokens, including Ether and Litecoin, both of which saw declines this morning. The recently launched ProSharesBitcoin Strategy exchange-traded fund fell 9% in premarket trading, putting it on track for a new record low.
Monday s slump by crypto-linked stocks adds to what was a painful four-day stretch last week as global markets began to shift away from riskier asset classes. The Amplify Transformational Data SharingETF, which holds a range of shares linked to the space, fell by nearly 9%, its biggest weekly loss since July.
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