Shares of crypto-related stocks, including Bitfarms Ltd BITF, Coinbase Global Inc COIN and Riot Blockchain Inc RIOT, are all trading lower Monday morning amid a weekend pullback in the price of Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).
Traders also continue to digest Wednesday's Fed rate hike announcement. Cryptocurrencies have been seen by some investors as a speculative hedge against inflation and the Fed's plans to curb inflation could weigh on the broader cryptocurrency sector.
Bitcoin is trading 2.29% lower Monday morning at around $32,750.
Ethereum is trading 3.21% lower Monday morning at around $2,400.
Bitfarms provides computing power to cryptocurrency networks such as Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Dash, earning fees from each network for securing and processing transactions.
Bitfarms is trading lower by 6.64% at $2.53 per share.
Coinbase is the leading cryptocurrency exchange platform in the United States.
Coinbase is trading lower by 6.62% at $96.87 per share.
Riot Blockchain is focused on building, supporting and operating blockchain technologies. The company's portfolio consists of Verady, Tesspay, Coinsquare and others.
Riot Blockchain is trading lower by 6.74% at $8.85 per share.
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