Shares of cryptocurrency-related companies opened lower on Wednesday, following recent declines in Bitcoin, which is now at its lowest level in a week.
Marathon Digital (NASDAQ:), the largest Bitcoin miner, fell 1.5% after the opening bell.
At the same time, Clean spark (NASDAQ:) fell 2%, Riot Platforms (NASDAQ:) lost 0.6% and Coinbase Global (NASDAQ:) fell more than 1%.
Additionally, shares of Michael Saylor's MicroStrategy (MSTR) fell about 3%, while Hut 8 Corp (NASDAQ:) fell more than 5%.
The losses come as Bitcoin fell on Wednesday, deepening losses from the previous session after a large transfer of tokens to a major exchange sparked fears of a potential sell-off.
The cryptocurrency, which had recently surpassed $60,000, sharply reversed course on Tuesday and fell back below this key threshold.
The drop followed reports from Whale Alert, a service that tracks large crypto transactions, that around 30,000 Bitcoin, valued at $1.88 billion, were moved from a cold wallet to Binance.
Although it was later clarified that the transfer was an internal Binance transaction, the move still unsettled traders as large transfers to exchanges often signal a potential sell-off.
This development added to the selling pressure on Bitcoin, which was already receding after a brief weekend rally.
Altcoins also mirrored Bitcoin's pullback, with the world's second-largest cryptocurrency, Ethereum, falling more than 4% over the past 24 hours.
Solana and XRP fell 5.7% and 3.6% respectively, while Dogecoin lost 3.7%.
Bitcoin and other cryptocurrency prices have generally remained within a narrow trading range since hitting an all-time high in March, with trading volumes gradually declining as retail interest waned.
