Crypto-Carnage Hits Every Asset Class Tied to Crypto – CounterPunch.org

It wasn’t just cryptocurrencies that crashed Monday, it was crypto exchanges, crypto mining stocks, publicly-traded companies holding large investments in crypto, and crypto ETFs.

By the time the closing bell rang, ProShares Bitcoin Strategy ETF had tanked by 20.22 percent on the day, bringing its year-to-date loss to 50.4 percent. Other crypto-related ETFs were similarly hammered. VanEck Bitcoin Strategy ETF gave up 19.86 percent, bringing its year-to-date loss to 53 percent.

Shares of crypto mining stocks, which were already battered and bruised, were further bloodied. Among the worst of the lot was BIT Mining Ltd. (ticker BTCM) which plunged 36.60 percent, bringing its year-to-date loss to 79.9 percent.

Crypto-Carnage Hits Every Asset Class Tied to Crypto – CounterPunch.org