Why Bitcoin- And Ethereum-Related Stocks Are Trading Lower

Cryptocurrency-related stocks, including Marathon Digital Holdings Inc MARA, Riot Blockchain Inc RIOT and Coinbase Global Inc COIN, are trading lower amid a weekend decline in the price of Bitcoin BTC/USD and Ethereum ETH/USD.

Bitcoin and Ethereum fell sharply lower over the weekend amid increasing concerns about the COVID-19 omicron variant.

The World Health Organization is now saying that the variant has been detected in more than 40 countries since it was first reported by South African health authorities, with early data suggesting the strain is more contagious than delta.

See Also: Bitcoin, Ethereum, Dogecoin May Have Moved Past 'Bloody Saturday' But 'Extreme Fear' Continues To Overshadow Crypto Market

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Marathon Digital is focused on mining digital assets. It owns cryptocurrency mining machines and a data center to mine the digital assets. The stock was down 9.58% at $37.67 at publication time.

Riot Blockchain is focused on building, supporting and operating blockchain technologies. The stock was down 10.30% at $25.70 at publication time.

Coinbase is a provider of end-to-end financial infrastructure and technology for the crypto-economy. The stock was down 4.95% at $252.51 at publication time.

BTC, ETH Price Action: On Monday morning, Bitcoin was down 2.47% at $48,385 over a 24-hour period and Ethereum was down 3.81% at $4,049.64 over a 24-hour period.

Photo: christopher_muschitz from Pixabay.