Coinbase Global, Bakkt swoon as recession fears hit crypto markets

With bitcoin (BTC-USD) slipping again in Wednesday trading, cryptocurrency stocks are also weak are declining in premarket as risk-off sentiment once again prevails as investors worry about a recession. Taking a substantial leg down are crypto exchange Coinbase Global (NASDAQ:COIN) stock, tumbling 7.0%, and digital asset platform Bakkt Holdings (NYSE:BKKT), -7.7%, as bitcoin dips 2.5% in the past 24 hours to $20.6K. Silvergate Capital (NYSE:SI), a bank involved in digital assets, is slipping 2.7%. BTC HODLer MicroStrategy (NASDAQ:MSTR) is down 2.7%. Bitcoin-mining stocks are falling by a lesser degree. Riot Blockchain (NASDAQ:RIOT) -1.0%, Marathon Digital (NASDAQ:MARA) -0.7%, Bitfarms (NASDAQ:BITF) -1.4%, Greenidge Generation (NASDAQ:GREE) -4.7%, BitNile Holdings (NYSE:NILE) -4.5%. Other cryptocurrencies dropping include ether (ETH-USD) -4.1% to $1.1K, cardano (ADA-USD) -5.0%, solana (SOL-USD) - 4.1%, and Polkadot (DOT-USD) -4.7%. Amid the volatile crypto markets, Bitfarms (BITF) on Tuesday said it sold 3K bitcoins in the past week to improve liquidity and strengthen its balance sheet.