On Monday, major cryptocurrencies including Bitcoin, Solana, Polygon, Polkadot, Ripple, Dogecoin, Uniswap, Ethereum and Cardano experienced a significant decrease in value. Bitcoin's value notably fell to $27,517.90.
This decline in cryptocurrency values had ripple effects across the stock market as well. Crypto-related and tech companies such as Coinbase (NASDAQ:COIN) Global Inc., MicroStrategy Inc., Riot Platforms Inc., Marathon Digital (NASDAQ:MARA) Holdings Inc., Overstock.com (NASDAQ:OSTK) Inc., Block Inc., Tesla (NASDAQ:TSLA) Inc., PayPal Holdings Inc (NASDAQ:PYPL)., Ebang International Holdings Inc., NVIDIA Corp (NASDAQ:NVDA)., and Advanced Micro Devices (NASDAQ:AMD) Inc. all saw their stocks impacted. Notably, MicroStrategy Inc.'s stock price fell to $335.16.
Blockchain ETFs were not immune to this market downturn either. The Amplify Transformational Data Sharing ETF and the Bitwise Crypto Industry Innovators ETF both experienced drops in their prices. The Grayscale Bitcoin Trust, which tracks Bitcoin's market price, also declined by 0.87% to $20.55 on Monday.
This widespread decline underscores the interconnected nature of cryptocurrencies and the broader tech sector, highlighting how volatility in digital currencies can have far-reaching impacts on various sectors of the market.
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