Seeking Alpha
2022-01-06 13:29:13

Bitcoin, ethereum extend losses to September levels; crypto miner stocks slip

Bitcoin (BTC-USD) and ethereum (ETH-USD), the two largest cryptos by market cap, continue to sell off as speculators price in a potentially higher interest rate environment following Wednesday's Fed minutes. The global crypto market cap falls nearly 9% to 2.03T in the past 24 hours, with ethereum (ETH-USD -11.5%), solana (SOL-USD -11.5%), terra (LUNA-USD -11.7%), avalanche (AVAX-USD -10.9%), polygon (MATIC-USD -10.7%) and crypto.com coin (CRO-USD -10.6%) all plunging at least 10%. Unlike BTC, ether (ETH-USD) manages to hold above its 200-day simple moving average (on a 52-week time frame) at ~$3.2K per token. Bitcoin (BTC-USD) is trading more than 7% below its 200-day SMA, now changing hands at $43K. Not surprisingly, crypto miner stocks including Marathon Digital (NASDAQ:MARA), Riot Blockchain (NASDAQ:RIOT), Hut 8 Mining (NASDAQ:HUT), Argo Blockchain (NASDAQ:ARBK) and HIVE Blockchain (NASDAQ:HIVE), are sliding in pre-market trading as digital coins take a nosedive. Most of the group's individual returns underperform that of bitcoin (BTC-USD) by

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