Crypto-focused stocks fell in premarket trading as cryptocurrencies across the board continued a recent slide.
U.S. cryptocurrency exchange Coinbase Global declined 7.5% premarket, while shares of crypto-focused bank Silvergate Capital retreated 7.7%. Marathon Digital fell 7.9% premarket.
Cryptocurrency stocks have tumbled more than bitcoin in 2022. The world’s largest cryptocurrency by market value had fallen about 39% this year through Wednesday evening, according to Dow Jones Market Data. Coinbase shares meanwhile had shed almost 80% of their value. Silvergate is down about 50% for the year, while Marathon Digital has fallen about 70%.
Shares of cryptocurrency companies tend to rise and fall alongside the broader digital-asset market. A continued selloff in cryptocurrencies is likely to weigh on shares when trading starts after the opening bell.
Bitcoin fell as low as $25,402.04 Thursday, down 10.3% from its 5 p.m. ET level Wednesday, before rebounding to about $27,500, according to CoinDesk.
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