Marathon Digital, Crypto Stocks Fall on Musk Tweets

Cryptocurrency-related stocks, such as Marathon Digital, fell Monday, after a Bitcoin tweet from Tesla CEO Elon Musk.
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Cryptocurrency-related stocks, such as Marathon Digital  (MARA) - Get Report, fell Monday after a tweet from Tesla Chief Executive Elon Musk may have indicated that the company might sell its $1.5 billion Bitcoin stash.

Over the weekend, the Twitter user @CryptoWhale wrote, "Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their #Bitcoin holdings. With the amount of hate @elonmusk is getting, I wouldn't blame him."

Musk responded "indeed." But he didn’t indicate whether Tesla had sold or intended to sell any Bitcoin or whether he agreed that he would be blameless if Tesla did sell.

He later said that "to clarify speculation," Tesla has not sold any of its Bitcoin. But he then, in exchanges with Bitcoin enthusiasts, he proceeded to reiterate his criticism of the digital asset.

Last week, Musk took Bitcoin out to the woodshed, saying Tesla wouldn’t accept it as payment for its vehicles.

As for cryptocurrency-related stocks, Coinbase  (COIN)  recently traded at $250, down 3.2%; Marathon Digital recently traded at $20.60, down 11%; Riot Blockchain  (RIOT) - Get Report recently traded at $23.65, down 9.1%; and Ebang  (EBON) - Get Report recently changed hands at $2.63, down 4.4%.

Among companies that are sitting on bunches of bitcoins, Tesla recently traded at $578.58, down 1.9%; MicroStrategy  (MSTR) - Get Report traded at $484.04, down 7.2%; Square  (SQ) - Get Report traded at $205.47, down 0.9%; and PayPal  (PYPL) - Get Report recently traded at $244.45, down 0.8%.

Digital currencies are taking it on the chin Monday as well. Bitcoin recently traded at $44,894, down 8%; and Dogecoin at 50 cents, down 1.4%.