Shares of several cryptocurrency-related companies, including Coinbase Global Inc (NASDAQ:COIN), Marathon Digital Holdings Inc (NASDAQ:MARA) and Riot Blockchain Inc (NASDAQ:RIOT), are trading lower in sympathy with the price of Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).
Many are attributing the recent crypto pullback to the technical setup in Bitcoin. Bitcoin has been facing resistance around the $52,000 level. After testing that level and failing to break out, the world’s oldest cryptocurrency pulled back, seemingly taking the rest of the crypto market with it.
See Also: Chart Wars: As Companies Continue Crypto Adoption, Are Bitcoin And Ethereum Headed For A Bullish 2022?
Coinbase is a provider of end-to-end financial infrastructure and technology for the crypto-economy. The stock was down 3.40% at $270.75 at publication time.
Marathon Digital is focused on mining digital assets. It owns cryptocurrency mining machines and a data center to mine the digital assets. Shares were down 5.58% at $37.20 at publication time.
Riot Blockchain is focused on building, supporting and operating blockchain technologies. The stock was down 4.64% at $24.65 at publication time.
BTC, ETH Price Action: At publication time, Bitcoin was down 4.52% at $49,077 over a 24-hour period and Ethereum was down 4.58% at $3,907.34 over a 24-hour period.
Photo: PIRO4D from Pixabay.