When bitcoin fluctuates, “crypto” values fluctuate. After bitcoin dropped 30% this year to $32,000, shares of Coinbase, the world’s second largest cryptocurrency exchange, are in free fall. The title dropped 66% in the same period. Since its IPO almost a year ago, the company has been at the bottom and it seems it hasn’t bottomed out yet. Its rate still lost almost 20% at the Wall Street close on Monday evening.
The Bitcoin mining giants are also in the red. Riot Blockchain, which operates bitcoin mining farms in the United States, has fallen nearly 80% in the past six months. Its competitor, Marathon Digital Holdings, is no better: its shares have fallen below $12 and are down 46% in the last thirty days. Poor performance compared to the asset he owns and manages as mining income declines with the value of bitcoin.