Why Bitcoin Mining Stocks Are Trading Lower Today

Bitcoin BTC/USD mining stocks Marathon Digital Holdings Inc MARA and Riot Blockchain Inc RIOT are trading lower Wednesday morning as Bitcoin falls to new four-month lows.

What Happened: Bitcoin has been steadily declining since Tesla Inc TSLA CEO Elon Musk announced that the company would stop accepting Bitcoin payments for its vehicles, citing environmental concerns.

Price Action: Bitcoin is down 29.30% over a one-month period, although it's still up 34.31% year to date. 

At last check Wednesday, Bitcoin was down 10.61% at $38,759.

See also: How to Buy Bitcoin (BTC)