Why Bitcoin- And Ethereum-Related Stocks Are Diving Today

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Shares of crypto-related stocks, includingCoinbase Global IncCOIN andMarathon Digital Holdings IncMARA, are trading lower after Coinbase announced a hiring freeze and Gemini announced layoffs amid crypto market conditions. A New York bill on Bitcoin mining has also pressured the space.

In blogpublished on Thursday, Coinbase said that it has become evident itneeds to take more stringent measures to slow its headcount growth.

Gemini in a blog published on Thursday said, “After much thought and consideration, we have made the difficult but necessary decision to part ways with approximately 10% of our workforce.”

Early Friday morning, New York lawmakers passed legislation banning certain bitcoin mining firmsfrom using carbon-based energy sources. The bill now goes to Governor Kathy Hochul’s desk, where she will either sign it or veto it.

Bitcoin is trading 2.85% lower Friday morning at around $29,600.

Ethereum is trading 3.91% lower Friday morning at around $1,750.

Coinbase is the leading cryptocurrency exchange platform in the United States.

Coinbase is trading lower by 7.26% at $68.46 per share.

Marathon Digital focuses on mining digital assets. It owns crypto-currency mining machines and a data center to mine digital assets.

Marathon Digital is trading lower by 7.09% at $8.68 per share.

See Also:Why Tesla Stock Is Falling Today

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