U.S. Cryptocurrency Stocks Fall in Pre-Market Trading as BTC Plunges

U.S. cryptocurrency-related stocks reportedly fell sharply in pre-market trading as the price of Bitcoin fell. Bitcoin traded at around $54,400 in Europe, down 5.8 percent in 24 hours, after falling to a low of $53,600 since the end of February. The drop was linked to the transfer of $2.6 billion worth of bitcoin from bankrupt cryptocurrency exchange Mt. Gox to a new wallet and the start of repayments to creditors.Michael Saylor's MicroStrategy, which holds more than 210,000 bitcoins, and bitcoin mining company Hut 8 led the fall, down 8.5 percent and 9.5 percent, respectively. Other mining companies such as Marathon Digital, CleanSpark and Riot Platforms fell between 6 and 7.5 percent. Cryptocurrency exchange Coinbase also fell 6.5 percent.