Cryptocurrency stocks tumble as Bitcoin declines for second consecutive day

Cryptocurrency and blockchain-related companies faced a downturn today as Bitcoin, the market leader, continued its slide for the second consecutive day. The world’s most popular cryptocurrency dipped by approximately 0.7%, while Ether, the second-largest digital currency, experienced a 1.2% decline.

Crypto exchange giant Coinbase Global fell by 1.74%, reflecting the overall market sentiment. Meanwhile, prominent crypto miners Riot Platforms Inc (RIOT.O) and Hut 8 Mining witnessed drops ranging from 1.8% to 0.8%. In contrast, Marathon Digital managed to buck the trend, showing a slight uptick of 0.8%.

The recent crypto frenzy comes after Bitcoin’s week-long rally, fueled by speculation surrounding the imminent approval of a spot bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC). Such approval is highly anticipated as it would provide investors with a direct way to engage with cryptocurrency through an exchange-listed product. However, market enthusiasm took a hit when BlackRock’s Bitcoin ETF was briefly removed from the Depository Trust & Clearing Corporation (DTCC) website.

An inside source, speaking to DL News on condition of anonymity, revealed that the DTCC’s decision to delist BlackRock’s iShares Bitcoin Trust ETF from its eligibility list was intentional. The source stated that the move was made “to perform additional research because it was receiving so much attention.” This deliberate pause in trading activity indicated a need for further examination, resulting in a temporary dampening effect on market excitement.