Cryptocurrency-related stocks including Coinbase Global Inc (NASDAQ:COIN), Marathon Digital Holdings Inc (NASDAQ:MARA) and Riot Blockchain Inc (NASDAQ:RIOT) are trading lower Tuesday amid a sharp drop in crypto prices, led by Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).
Several crypto assets are trading sharply lower amid overall market weakness after the CPI inflation reading came in above average economist estimates. Tuesday's inflation data could act as a confirmation of recent indicators for the Fed and signal that another 0.75% rate hike is likely this month.
Related Link: August Inflation Number Comes In Higher Than Expected, Triggering Bearish Market Reaction: What Investors Need To Know
Coinbase is the leading cryptocurrency exchange platform in the United States. Coinbase shares were down 8.66% at $75.40 at last check.
Marathon Digital focuses on mining digital assets. The company owns cryptocurrency mining machines and a data center to mine the digital assets. The stock was down 10.5% at $12.92 at time of publication.
Riot Blockchain is focused on building, supporting and operating blockchain technologies. The stock was down 9.09% at $7.70 Tuesday morning.
$BTC, $ETH Price Action: At time of publication, Bitcoin is down 5.07% at $21,443 over the last hour, while Ethereum is down 6.67% at $1,624.
Photo: Petre Barlea from Pixabay.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!