Crypto-linked stocks tumbled on Wednesday, with Bitcoin struggling to maintain recent highs and plummeting more than 2%.
Shares of Coinbase Global dropped around 4%, while US-listed Bitfarms sank 6%. Marathon Digital Holdings plunged 5%, while MicroStrategy saw a more minor dip of 1.6%. ProShares Bitcoin Strategy ETF and iShares Bitcoin Trust both fell by 2.4%. The pullback comes as Bitcoin failed to break the $70,000 mark. Traders had been optimistic after last week's rally, which was driven by a broader surge in tech stocks and increased demand for Bitcoin ETFs.
Bitcoin slumped 2.20% at 12:45 pm ET to sell for $65,899.27. Meanwhile, Ethereum decreased by 4.19% at the same time, going for $2,510.
