Why Bitcoin- And Ethereum-Related Stocks Are Diving Today

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Shares of crypto-related stocks, including Coinbase Global Inc (NASDAQ: COIN) and Marathon Digital Holdings Inc (NASDAQ: MARA), are trading lower after Coinbase announced a hiring freeze and Gemini announced layoffs amid crypto market conditions. A New York bill on Bitcoin mining has also pressured the space.

In a blog published on Thursday, Coinbase said that it has become evident it needs to “take more stringent measures” to slow its headcount growth.

Gemini in a blog published on Thursday said, “After much thought and consideration, we have made the difficult but necessary decision to part ways with approximately 10% of our workforce.”

Early Friday morning, New York lawmakers passed legislation banning certain bitcoin mining firms from using carbon-based energy sources. The bill now goes to Governor Kathy Hochul’s desk, where she will either sign it or veto it.

Bitcoin is trading 2.85% lower Friday morning at around $29,600.

Ethereum is trading 3.91% lower Friday morning at around $1,750.

Coinbase is the leading cryptocurrency exchange platform in the United States.

Coinbase is trading lower by 7.26% at $68.46 per share.

Marathon Digital focuses on mining digital assets. It owns crypto-currency mining machines and a data center to mine digital assets.

Marathon Digital is trading lower by 7.09% at $8.68 per share.

See Also: Why Tesla Stock Is Falling Today