Major cryptocurrencies extended losses for the second day straight on Thursday amid negative trends in global equities. Bitcoin — the world's largest and most popular virtual currency — fell 4.3 percent to $23,358.8. Its market value stood at $447.7 billion. The trade volume was almost at $29 billion.
Ethererum or Ether — the second largest virtual currency — was 5.8 percent down at $1,839.6 with a market capitalisation of $225.2 billion. The trade volume of Ethereum was $19.1 in the last 24 hours.
Meme-based virtual currency Dogecoin was 3.6 percent down with a trading volume of $827.2 million. Shiba Inu was trading 8.2 percent lower at $0.000015 while Solana was 8.3 percent down at $40.7 billion.
Edul Patel, CEO and Co-Founder of Mudrex, said that the 60 percent dip in the BTC price over the past few months has not only impacted traders, investors, and exchanges but crypto mining companies as well.
"Greenidge Generation Holdings (GREE), a mining company located in New York and South Carolina, had a net loss of $107.9 million for Q2. Greenidge has been working on expanding its operation into Texas. However, the Q2 financial results have forced the company to refocus its strategy toward liquidity and capital preservation over aggressive growth. After publishing the results, GREE saw a 9.5 percent drop in share price after-hours trading."
Patel said that Bitfarms, another crypto mining company, also reported a net loss of $142 million in the second quarter.
The Indian financial market opened in red on Thursday.
