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Seeking Alpha 2022-06-13 11:36:31

Bitcoin, MicroStrategy, Marathon Digital tank as crypto market cap sinks below $1T

Bitcoin, MicroStrategy, Marathon Digital tank as crypto market cap sinks below $1T

With the latest selloff, cryptocurrency's market capitalization has dropped below $1T on Monday, for the first time since January 2021 and recently stands at $975.2B, according to CoinMarketCap data. Bitcoin (BTC-USD), the world's biggest cryptocurrency by market cap at $458B, has sunk 14% over the past 24 hours to ~$23.6K. The global crypto market, peaking at $2.9T in November 2021, has lost $1T of value in the past two months, as investors shun risk in the face of central banks raising interest rates to combat persistently high inflation. As a result, stocks in the cryptosphere are diving. Shares in MicroStrategy (MSTR), which had 129,218 bitcoins on its balance sheet as of May 2, are tumbling 23%. Crypto exchange Coinbase Global (COIN) stock is sinking 15%. Crypto platform Bakkt (BKKT) -11%. Bitcoin miners' stocks are sliding as well: Marathon Digital (MARA) is falling 16%, Riot Blockchain(RIOT) -15%, Hut 8 (HUT) -14%, Bitfarms (BITF) -18%,

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