← Go back May 05, 2023
Shares of the Bitcoin-mining company Riot Platforms (NASDAQ: RIOT) traded nearly 8.5% lower as of 12:07 p.m. ET today, largely due to a decline in the price of Bitcoin.One possible reason for the decline in Bitcoin and associated crypto stocks is that Binance, one of the largest crypto exchanges in the world, announced that it was experiencing congestion issues on its network yesterday, which forced the platform to halt Bitcoin withdrawals temporarily."Reports of a large bitcoin outflow and withdrawals being paused at a major exchange could be factoring into some of the weakness we're seeing. Ultimately however, there haven't been any major developments as far as price action goes, with bitcoin still very much confined to a multiday bullish consolidation," said LMAX Group Market Strategist Joel Kruger in an interview with CNBC.Continue reading
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