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Stocks Tied To Crypto Fall After Bitcoin ETFs Are Approved

Several stocks that are tied to cryptocurrencies fell sharply as a slate of new Bitcoin (BTC) exchange-traded funds (ETF) began trading in the U.S.

Crypto exchange Coinbase (COIN) saw its share price fall 7%, while the stock of tech firm MicroStrategy, which has a sizable holding of Bitcoin, declined 5%.

After a big run over the past year, the stocks of cryptocurrency mining firms plunged as trading in spot Bitcoin ETFs got underway.

Marathon Digital’s (MARA) stock dropped 13% in a single trading session and shares of Riot Platforms (RIOT) decreased 16% on the day.

The declines come after the U.S. Securities and Exchange Commission (SEC) approved the launch of nearly a dozen spot Bitcoin ETFs, a first for the American market.

As the ETFs from companies such as BlackRock (BLK), Invesco (IVZ), and Fidelity began trading, the stocks of many crypto-related companies declined.

As for Bitcoin itself, the price briefly rose to $49,000 U.S. before also falling. Bitcoin is currently trading at $46,000 U.S., down 6% in the past 24 hours.