Why Crypto Stocks Were Sliding Again Today

Shares of crypto stocks were following cryptocurrencies lower for the second day in a row as the values of digital tokens fell in response to a governmental crackdown on Bitcoin mining in China. Among the stocks that dove in response to the news were Coinbase Global (NASDAQ: COIN), which was down 4.5% as of 10:17 a.m. EDT Tuesday; Riot Blockchain (NASDAQ: RIOT), which had lost 9%; Microstrategy (NASDAQ: MSTR), which had given up 11.9%, and Marathon Digital (NASDAQ: MARA), which had given up 11.4%. Major cryptocurrencies like Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE) were also down substantially Tuesday morning, though they -- and the stocks above -- partially recovered from those declines later in the day.