The stocks of U.S.-listed crypto mining and miner manufacturing firms followed bitcoin’s downward movement Monday’s trading session, market data shows.
In all, these companies shed some $1 billion total from their market capitalizations. Bitcoin mining firms Marathon Patent Group, Riot Blockchain and Hive Blockchain closed out Monday with stock price decreases of 14.24%, 9.21% and 7.6%, respectively, according to data from The Block’s Data Dashboard.
Meanwhile, Nasdaq-listed Chinese bitcoin mining hardware makers Canaan and Ebang saw declines of 15.89% and 23.96%, respectively, for their stock prices.
During Tuesday’s session, those firms weren’t fairing much better. Marathon is trading down 22% while Riot and Hive are down 24% and 18%, respectively.
The stock moves come amid a period of heightened volatility in the price of bitcoin, which as of press time was trading at around $47,168 on Coinbase.