Bitcoin

Many U.S.-based crypto mining stocks are reflecting Bitcoin’s weakness and are trading down to end the week. 
At the time of writing, Hut 8 is down 11.2% to $12.34 a share. CleanSpark is now $13.35 a share, down 11.35%, while Riot Platforms is at $8.50, down 8.8%. 
Marathon Digital Holdings is down 3.3% to $17.48. Marathon did <a href="https://crypto.news/marathon-digital-sells-51-of-bitcoin-produced-in-q2-as-net-loss-soars-to-200m/" data-type="link" data-id="https://crypto.news/marathon-digital-sells-51-of-bitcoin-produced-in-q2-as-net-loss-soars-to-200m/" target="_blank" rel="noreferrer noopener">disclose</a> in its Q2 financial report that it sold over 50% of the Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" data-type="link" data-id="https://crypto.news/price/bitcoin/" rel="noreferrer noopener">BTC</a>) it mined during the quarter to fund operating costs. 
The recent drop in stock prices comes as the <a href="https://crypto.news/tag/Nasdaq/" data-type="link" data-id="https://crypto.news/tag/Nasdaq/" target="_blank" rel="noreferrer noopener">Nasdaq</a> and Dow Jones Industrial Average are experiencing a downturn. The Nasdaq is down 2.5% today. Tech stocks face a widespread sell-off, driven by investor concerns over inflated valuations. 
Other crypto stocks, such as crypto exchange Coinbase, Microstrategy, and Paypal, are down 4-5% on the day.&nbsp; 
 You might also like: <a href="https://crypto.news/bitcoin-price-spared-from-intel-and-nvidia-stocks-meltdown/"> Bitcoin price spared from Intel and Nvidia stocks meltdown </a> 
<h2 class="wp-block-heading" id="bitcoin-slumping">Bitcoin slumping</h2> 
At the same time, the crypto market is also in decline, with Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" data-type="link" data-id="https://crypto.news/price/bitcoin/" rel="noreferrer noopener">BTC</a>) and other major digital assets suffering losses amid fears surrounding Genesis Trading’s financial stability.&nbsp; 
Bitcoin was hovering slightly below $63,000 as of Friday’s start, a fall of 10% in the last five days. Last month, the value of Bitcoin dropped below the $55,000 mark, reaching levels not witnessed since February.&nbsp; 
With the recent <a href="https://crypto.news/mt-gox-and-the-german-government-sunk-the-crypto-market/" target="_blank" rel="noreferrer noopener">sale</a> of 50,000 BTC by the German government, <a href="https://crypto.news/genesis-concludes-bankruptcy-with-4b-creditor-payout/" target="_blank" rel="noreferrer noopener">distributions</a> from bankrupt exchange Genesis Trading, and impending sales from the U.S. government’s BTC stash, the crypto market continues to face supply disruptions. 
 You might also like: <a href="https://crypto.news/genesis-transfers-3b-worth-of-crypto-amid-bankruptcy/"> Genesis transfers $3b worth of crypto amid bankruptcy </a>

Bitcoin mining stocks end the week in a slump

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