Why Bitcoin Stocks Are Falling on Coinbase, Marathon Digital and Riot Platforms – Coinbase Glb (NASDAQ:COIN)

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Shares of several crypto-related stocks, including Coinbase Global Inc COIN, Marathon Digital Holdings Inc MARA and Riot Platforms Inc RIOT are trading lower on Monday amid a decline in the overall cryptocurrency market, led by Bitcoin BTC / usd.

What to know: Bitcoin was down 3.89% at $27,842 at the time of writing. Several other cryptocurrencies, including Ethereum ETH/USD and Dogecoin DOGE/USD, fell more than 3%.

The weakness in the broader crypto space comes after Binance suspended Bitcoin withdrawals from its platform due to a large volume of pending transactions. On Sunday, more than 465,000 Bitcoin transactions were waiting to be processed, permempool.space. As of this writing, withdrawals on Binance have resumed.

Check This: Bitcoin, Ethereum, Dogecoin Drop After Binance’s Temporary Withdrawal Pause: Analyst Says $30,000, $40,000, Even $50,000 In Sight For Apex Crypto This Year

Coinbase is an end-to-end financial infrastructure and technology provider for the cryptoeconomy. The stock was down 4.19% at $55.80 at last check. It was trading even lower in early trading, but rebounded after Daiwa Capital analyst Steven Nie upgraded Coinbase from Hold to Buy and raised the price target from $58 to $65.

Marathon Digital is engaged in the exploitation of digital assets. The stock was down 9.1% when last checked. Riot Blockchain is focused on building, supporting, and operating blockchain technologies. The shares were down 10.3% on Monday morning.

Read more: Stocks of PacWest, Western Alliance, Comerica and Zions Bancorp are up: What’s going on with regional bank stocks?

Photo: Ricardo Goncalves from Pixabay.

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