Why Bitcoin- And Ethereum-Related Stocks Are Down After Tesla Earnings

Cryptocurrency-related stocks, including Coinbase Global Inc COINMarathon Digital Holdings Inc MARA and Riot Blockchain Inc RIOT, are trading lower Thursday amid weakness in cryptocurrencies, led by declines in Bitcoin BTC/USD and Ethereum ETH/USD.

In Tesla Inc’s TSLA quarterly report Wednesday, the company announced that it converted approximately 75% of its Bitcoin purchases into fiat currency. Bitcoin turned sharply lower on the news and the rest of the crypto market seemed to follow.

Coinbase is the leading cryptocurrency exchange platform in the United States. The stock was down 3.95% at $72.30 at press time, according to data from Benzinga Pro.

Marathon Digital is focused on mining digital assets. Marathon shares were down 4.17% at $11.95 at press time.

Riot Blockchain is focused on building, supporting and operating blockchain technologies. The stock was down 3.42% at $6.78 at last check.

See Also: Bitcoin, Ethereum Flat, Dogecoin Among Top Gainers: Why This Analyst Says Tesla’s Apex Coin Sale Implies Crypto Bottom Is Close

$BTC, $ETH Price Action: Bitcoin is down 4.41% over a 24-hour period at $22,743 and Ethereum is down 6.55% over a 24-hour period at $1,501.92 at press time.

Photo: Miloslav Hamřík from Pixabay.