Why Bitcoin- And Ethereum-Related Stocks Are Diving Friday

Shares of crypto-related stocks, including Coinbase Global Inc COIN and Riot Blockchain Inc RIOT, are trading lower Friday morning amid ongoing weakness in Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).

Bitcoin is trading 3.59% lower Friday afternoon at around $29,000.

Ethereum is trading 6.53% lower Friday afternoon at around $1,675.

Crypto is likely trading lower in tandem with major U.S. indices. Major indices are lower following worse-than-expected May CPI data. Rising inflation has caused economic concerns and has also raised expectations for further Fed policy tightening.

Coinbase is the leading cryptocurrency exchange platform in the United States.

Coinbase is trading lower by 6.61% at $59.55 per share.

Riot Blockchain is focused on building, supporting and operating blockchain technologies.

Riot Blockchain is trading lower by 5.67% at $5.17 per share.