Crypto Stocks Drop as Bitcoin Falls Below 68,000

Tiger Newspress

2024/10/21

Crypto stocks dropped in morning trading as Bitcoin fell below 68,000. Marathon Digital and Coinbase fell 4%; Riot Platforms and CleanSpark fell 3%; MicroStrategy and Bitfarms fell 2%.

Bitcoin's upward trend temporarily halted after close to $70,000 on Monday.

US spot-Bitcoin ETFs lured almost $2.4 billion of net inflows in the six days through Oct. 18, data compiled by Bloomberg show, partly on bets that US crypto rules will become friendlier after the Nov. 5 presidential election.

Republican candidate Donald Trump is avowedly pro-crypto, so much so that Bitcoin is viewed as a so-called Trump trade. Democratic rival Vice President Kamala Harris has vowed to support a regulatory framework for the industry. That contrasts with a crackdown on the sector under the Biden administration.

Bitcoin climbed nearly 10% in the seven days through Sunday, the original cryptocurrency’s best weekly performance in more than a month. ETF demand helped the token reach a record high of $73,798 in March. The rally cooled and Bitcoin last traded above $70,000 back in June.

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Marathon Digital and Coinbase fell 4%; Riot Platforms and CleanSpark fell 3%; MicroStrategy and Bitfarms fell 2%.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/566cb2db2a3fadd0ef28f3025a74a76f\" tg-width=\"372\" tg-height=\"672\"/></p><p style=\"text-align: start;\">Bitcoin&#39;s upward trend temporarily halted after close to $70,000 on Monday.</p><p style=\"text-align: start;\">US spot-Bitcoin ETFs lured almost $2.4 billion of net inflows in the six days through Oct. 18, data compiled by Bloomberg show, partly on bets that US crypto rules will become friendlier after the Nov. 5 presidential election.</p><p>Republican candidate Donald Trump is avowedly pro-crypto, so much so that Bitcoin is viewed as a so-called Trump trade. Democratic rival Vice President Kamala Harris has vowed to support a regulatory framework for the industry. 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