Cryptocurrency-related stocks includingCoinbase GlobalInc COIN ,Marathon Digital HoldingsInc MARA andRiot BlockchainInc RIOT are trading lower Tuesday amid a sharp drop in crypto prices, led by Bitcoin BTC/USD and Ethereum ETH/USD .
Several crypto assets are tradingsharply lower amid overall market weaknessafter the CPI inflation reading came in above average economist estimates.Tuesday'sinflation data could act as aconfirmation of recent indicators for the Fed andsignal that another 0.75% rate hike is likelythis month.
Related Link:August Inflation Number Comes In Higher Than Expected, Triggering Bearish Market Reaction: What Investors Need To Know
Coinbaseis the leading cryptocurrency exchange platform in the United States. Coinbase shares were down 8.66% at $75.40at last check.
Marathon Digital focuseson mining digital assets. The companyowns cryptocurrency mining machines and a data center to mine the digital assets.The stock was down 10.5% at $12.92at time of publication.
Riot Blockchain is focused on building, supporting and operating blockchain technologies. The stock was down 9.09% at $7.70Tuesday morning.
$BTC, $ETH Price Action:At time of publication, Bitcoin isdown 5.07% at $21,443over the last hour, whileEthereum is down 6.67% at $1,624.
Photo:Petre Barleafrom Pixabay.
