There is a significant sell-off underway in the cryptocurrency markets. Investors are starting to think bitcoin’s enormous power requirements will hinder or prevent its future growth. They're also worried about government regulations.
This is spilling over into the cryptocurrency stocks.
Many of them have crashed or are in the process of crashing. These include Canaan Inc. (Nasdaq: CAN), BIGG Digital Assets Inc. (OTC: BBKCF), and MicroStrategy Incorporated (Nasdaq: MSTR).
Shares of Canaan have dropped from $36 to $9.80, a loss of about 65% in two months.
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BIGG has fallen from $5 to $1.70, or about 65%, since April 15.
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MicroStrategy broke the $1,300 level in February. Now it’s trading below $500, good for a loss of about 60%.
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