Stocks of cryptocurrency companies listed on New York stock exchanges declined on Monday, as bitcoin experienced a decline following its first test of $70,000 since mid-June.
Gains made earlier in the session when stocks rose on optimism stoked by Republican presidential candidate Donald Trump’s pro-crypto speech were erased by the sell-off.
Shares of cryptocurrency exchange Coinbase fell 1.5% after increasing by 5%. After rising earlier, miners Bitfarms, Riot Platforms, and CleanSpark saw 2.2% to 4% declines.
After hitting significant milestones, the erratic cryptocurrency has frequently experienced sell-offs as investors book profits. However, the business community applauded Trump’s pledge to more lenient regulations.
Prior to the November election, the former president positioned himself as the candidate who supports bitcoin. The industry, which has frequently bemoaned overbearing oversight and a hostile regulatory environment under President Joe Biden, could greatly benefit from his return.
The Biden administration’s top law enforcement official for cryptocurrency, Gary Gensler, the chair of the Securities and Exchange Commission, has nonetheless warned investors about the extreme volatility and speculative nature of tokens like bitcoin.
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