Crypto-Carnage Hits Every Asset Class Tied to Crypto 

Crypto-Carnage Hits Every Asset Class Tied to Crypto 

By Pam Martens and Russ Martens: June 14, 2022 ~ It wasn’t just cryptocurrencies that crashed yesterday, 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 yesterday, 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 yesterday, bringing its year-to-date loss to 79.9 percent. The graphic below shows how nine other crypto mining stocks performed yesterday. Year-to-date, these stocks have lost 60 to 85 percent of their market value. The companies are: Argo Blockchain PLC … Continue reading →

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