Crypto Stocks Crumble Following Deep Plunge In Financial Markets

As most of the financial markets around the world continue plunging, crypto stocks are not left out. Many publicly listed crypto companies also experienced a sharp decline on Monday, as markets tumbled further.

In the U.S., for example, Silvergate Stock (SI) fell yesterday by 11%. The crypto bank began to hover between $12 and $13 and is still trading around those levels currently. It closed at $12.63, flirting with its all-time low. In the last 5 days, SI has lost over 14%.

Canaan, a manufacturer of Bitcoin mining hardware also crashed. Canaan stock (CAN) lost a whopping 20% shortly after trading began. It continued falling until it hit an all-time low of $3.32. It eventually closed at $3.38 and is now up about 2.37%, trading at $3.46.

Away from the U.S., Canada’s Galaxy Digital Holding (GLXY) crashed over 10% and hit its lowest point at $0.66. It eventually climbed back up and closed at $0.96. At the moment, it’s trading at $0.97.

Also, Hut 8 (HUT) crashed to $0.98 shortly after trading began. The plunge was more than 19% and has picked up just a little bit, to current levels at $1.07.

Trading in the U.S. was also temporarily suspended as even the Dow Jones Industrial Average (DIJA) and the S&P 500 both plunged. CME trading volumes also crashed recently.

Image Credits: Pixabay