U.S. crypto stocks took a hit in pre-market trading as bitcoin (BTC) experienced a significant decline, reaching its lowest level since February. The drop in prices coincided with defunct exchange Mt. Gox transferring $2.6 billion worth of BTC to a new wallet ahead of creditor repayments. Michael Saylor’s MicroStrategy and bitcoin miner Hut 8 were the hardest hit, with declines of 8.5% and 9.5% respectively. Other mining companies, including Marathon Digital, CleanSpark, and Riot Platforms, also saw drops between 6% and 7.5%. Cryptocurrency exchange Coinbase lost 6.5%. Bitcoin’s current price hovers around $54,400, a 5.8% drop in the past 24 hours. The market’s concerns around Mt. Gox’s coin offloading leading to a wave of selling pressure contributed to the decline.
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U.S. Crypto Stocks Sink in Pre-Market Trading as BTC Slumps
