© Reuters.
On Monday, major cryptocurrencies including , , Polygon, , , , and experienced a significant decline in value. The value of bitcoin fell significantly to $27,517.90.
This drop in cryptocurrency values also had ripple effects throughout the stock market. technology and cryptocurrency-related companies such as Coinbase (NASDAQ Global Inc., MicroStrategy Inc., Riot Platforms Inc., Marathon Digital (NASDAQ Holdings Inc., Overstock.com (NASDAQ Inc., Block Inc., Tesla (NASDAQ Inc., PayPal Holdings Inc. (NASDAQ:)., Ebang International Holdings Inc., NVIDIA Corp (NASDAQ:) and Advanced Micro Devices (NASDAQ:) Inc. saw their shares affected. Notably, MicroStrategy Inc.’s share price fell to $335.16.
Blockchain ETFs were not immune to this market crash either. The Amplify Transformational Data Sharing ETF and the Bitwise crypto Industry Innovators ETF saw price declines. The Grayscale bitcoin Trust, which tracks the market price of bitcoin, also fell 0.87% to $20.55 on Monday.
This widespread drop underlines the interconnected nature of cryptocurrencies and the broader technology sector, highlighting how the volatility of digital currencies can have far-reaching impacts on various market sectors.
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