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This led to increased confidence in cryptocurrencies by investors. Crypto investors even ignored warnings issued by Treasury Secretary Janet Yellen that bitcoin is an “extremely inefficient” way to conduct monetary transactions and that federal regulations on cryptocurrencies may soon be forthcoming. But then Elon Musk tweeted that TSLA had suspended vehicle purchases using bitcoin amid concerns surrounding the use of fossil fuels in mining. This precipitated a correction by major cryptocurrencies. Investors have been up in arms and have been selling crypto mining stocks because the decline in crypto prices directly affects the top-line of these companies.
Riot Blockchain Inc. (RIOT) and Ebang International Holdings Inc. (EBON) slid significantly last week and appear quite vulnerable currently. So, let’s evaluate these names more closely.
