US Stock Market Update | Bitcoin Plunges Over 10%, Related Stocks Follow Suit with Coinbase Down Nearly 4%
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Bitcoin plummeted on Wednesday, falling more than 10% at one point, wiping out all gains since January 1st. Bitcoin-related stocks also followed suit, with Coinbase dropping nearly 4%, Bit Digital falling over 4%, Canaan Inc. dropping over 11%, Marathon Digital falling over 7%, and Riot Platforms falling over 8%. Concerns about the approval of a Bitcoin spot ETF have increased, and the likelihood of the ETF being approved is becoming smaller. The Bitcoin spot ETF could be approved as early as Tuesday or Wednesday, but financial services company Matrixport expects the SEC to reject all proposals in January.
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