It’s been a disastrous day so far for Bitcoin (BTC-USD), which dove to lows not seen in the last three months, and all in the space of a few hours. It wasn’t the only cryptocurrency to take a hit, and with Bitcoin foundering, so too did a wide range of Bitcoin stocks whose fates are immediately tied to the cryptocurrency and its various brethren.
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Bitcoin’s hit was joined by several other major coins, from Ethereum (ETH-USD) to Solana (SOL-USD) to even Dogecoin (DOGE-USD). Meanwhile, several cryptocurrency stocks, including cryptocurrency exchange Coinbase (NASDAQ:COIN) to Microstrategy (NASDAQ:MSTR), a cloud services stock whose Bitcoin holdings were sufficiently large to see its share price impacted with every move Bitcoin made, also fell. Even Marathon Digital (NASDAQ:MARA) and Riot Platforms (NASDAQ:RIOT) plunged as a result of Bitcoin’s losses.
So what happened to send Bitcoin dropping? A recent crypto hack had something to do with it, as Ethereum founder Vitalik Buterin got his X account hacked and used to promote a scam around a fake non-fungible token (NFT). In addition, plans in the works to liquidate FTX’s holdings are about to go through and put a lot more cryptocurrency on the market, which will create downward pressure.
Everybody took it on the chin today, but some took it much harder than others. Coinbase, for example, was lightly hit. Meanwhile, Riot Platforms was the second-hardest hit of the day. However, it boasts a 92.75% upside potential thanks to its $19.94 average price target.
