Crypto stocks slide as global markets roil

Capital Markets • March 9, 2020, 6:15PM EDT

Publicly-traded cryptocurrency companies were not spared during the U.S. stock market's steep plunge on Monday.

Crypto stocks on both the U.S. and the Canadian stock markets started the trading day with a significant fallout, according to available data, with prices hovering around their respective all-time lows throughout the day.

Crypto friendly bank Silvergate's stock (SI) opened with an 11% slump this morning, trading between the $12 and $13 range and closed at $12.63, slightly above the all-time low it posted in November last year.

Source: TradingView

Bitcoin mining equipment maker Canaan, which went public around the same time last year as Silvergate, also saw the price of its stock (CAN) tank by as much as 20% on Nasdaq after the market opened. The price continued trending downwards throughout the day, hitting a $3.32 all-time low.

Source: TradingView

The situation is not different in Canada. Galaxy Digital Holding (GLXY), which is listed on the Toronto Stock Exchange, started the day with a 10.48% plunge, hitting a $0.66 bottom but bounced back as the day progressed and ended the day at $0.96.

Similarly, the price of Toronto-headquartered miner Hut 8 (HUT) quickly dropped 19.01% from $1.21 to $0.98 as the market opened, slightly above its all-time low of $0.84.

Source: TradingView

Zooming out, the global markets were in turmoil on Monday as concerns over the coronavirus and an oil trade war between Saudi Arabia and Russia escalated.

The S&P 500 Index was down 7% in the morning, triggering a marketwide trading halt. Global oil prices also dropped 30% over the weekend.

About Author

Celia joined The Block as a reporter after earning her BA in the History of Science from the University of Chicago. Having spent years pondering over why 2+2 cannot equal 5, she is interested in the history and philosophy of mathematics, computation, and cryptography. She also had a very brief stint at Crunchbase News.