Crypto stocks hit new lows along with stock markets
Trading on the American stock market on Monday opened with a sharp decline. Publicly listed companies from the cryptocurrency industry were no exception, The Block draws attention.
Silvergate bank, friendly to the cryptocurrency industry, lost 11% of its capitalization at the start of trading. Its SI stock hovered between $ 12-13 and ended the day at $ 12.63, slightly above the all-time low recorded in November 2019..
Bitcoin mining equipment maker Canaan, which had an IPO late last year around the same time as Silvergate, experienced a 20% drop in its Nasdaq-listed CAN stock at opening time. As a result, a new all-time low was reached at around $ 3.32.
In Canada, the situation is no better. Galaxy Digital Holding (GLXY), listed on the Toronto Stock Exchange, started the day with a 10.48% drop to a low of $ 0.66 before bouncing to $ 0.96.
The shares of the mining company Hut 8 behaved in a similar way. They plummeted by 19.01% from $ 1.21 to $ 0.98, just short of reaching a historic low of $ 0.84..
Earlier, a number of leading crypto experts shared their views on what is happening.
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