Bitcoin (BTC) Slumps and U.S.-Based Crypto Mining Stocks Reflect the Weakness, Trading Down Close to 10% in Premarket Trading

Marathon Digital Holdings (MARA) is down 6.5%, while Hut 8 (HUT) is down 8.1% at the time of writing. Michael Saylor's software company MicroStrategy (MSTR)

Several U.S.-based crypto mining stocks are trading down nearly 10% in premarket trading on Friday morning, tracking weakness in Bitcoin.

Marathon Digital Holdings (NYSE:MARA) is down 6.5%, while Hut 8 (NASDAQ:HUT) is down 8.1%. Michael Saylor’s software company MicroStrategy (NASDAQ:MSTR), which notably holds over 210,000 BTC, is down 6.4%.

The drop in stock prices comes as Mt. Gox prepares to repay creditors by transferring $2.6 billion in Bitcoin (BTC) to a new wallet. The drop follows a 10% decrease in Bitcoin over the past week, and the German government’s decision to sell some of the BTC it had seized.

Other crypto stocks, including crypto exchange Coinbase (NASDAQ:COIN), CleanSpark (NASDAQ:CLSK), and Riot Platforms (NASDAQ:RIOT) all fell between 6% to 8% in premarket trading.

Bitcoin was hovering around $55,400 at the start of the day Friday, a fall of over 10% in five days. On Thursday, the value of Bitcoin dropped below the $55,000 mark, reaching levels not witnessed since February.

It’s evident there is mass selling pressure as some Bitcoin traders are on edge due to large holders, such as Mt. Gox, selling their BTC.

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