The Plummeting of Stocks Connected to Bitcoin, Ethereum, and Dogecoin
Shares of Bitfarms Ltd and Marathon Digital Holdings Inc, two crypto-related companies, have dipped due to the weakness of Bitcoin and Ethereum, as well as uncertainty in the broader crypto sector. The decline in stocks comes as traders and investors await the Federal Open Market Committee’s (FOMC) interest rate decision on Wednesday. While the rate hike itself won’t have a significant impact on the markets, the language used in the policy statement by the FOMC could be a major catalyst. Marathon Digital owns crypto-currency mining machines, while Bitfarms is a bitcoin self-mining company. Marathon Digital shares fell by 12.02% to $8.86, while Bitfarms shares dropped by 4.74% to $1.10.