RATE Group | As Bitcoin’s Price Tumbles, So Do Cryptocurrency-Related Corporations
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As Bitcoin’s Price Tumbles, So Do Cryptocurrency-Related Corporations

17 Nov As Bitcoin’s Price Tumbles, So Do Cryptocurrency-Related Corporations

Posted at 18:46h in Cryptocurrency News by

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This week has been a rough one for the price of bitcoin and other cryptocurrencies. As their prices drop, cryptocurrency-related companies are seeing the same effects. Bloomberg reports that across the board, publicly traded companies dealing with cryptocurrency and blockchain technology are all showing negative price movements for the week. Bitcoin itself has fallen 15%, so it makes sense that related corporations are falling as well.

Bitcoin's recent price performance

Monex, owner of hacked cryptocurrency exchange CoinCheck, tumbled more than 2% this week. CoinCheck is a cryptocurrency exchange that was hacked for over $500 million worth of NEM this year, and claims to be processing $19M in trading activity over the past 24 hours. Unlike other exchanges, they only have one market: BTC/JPY. No altcoins, no alternative fiat currencies.

SBI Holdings, based in Tokyo, Japan, also posted a 2% loss….

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