On May 9, the trading session on the US stock markets ended with a significant sell-off in the shares of companies focused on the cryptocurrency industry. Securities of the sector decreased from 13.2% to 26.3%.

On Monday, Bitcoin is down almost 12%, while the Nasdaq index is down 4.3%.

Outsiders were Galaxy Digital (26.3%), MicroStrategy (-25.6%), Coinbase (-19.5%) and Silvergate Capital (-19.2%).

Shares of the Bitcoin exchange have dropped 78% since the IPO. The value of MicroStrategy’s 129,218 BTC fell below the price they bought the previous day (the average cost of buying a coin was $30,700).

Session also failed for miners:

• Shares of Marathon Digital and Riot Blockchain fell 19.2%;
• Core Scientific – 13.2%;
• Cottage 8 Mining – 17%;
• Hive Blockchain – 17.2%;
• Bitfarms – 19.9%;
• CleansPark — 13.8%;
• Bit Digital – 16.15%;
• Argo Blockchain – 14.7%.

A 1.6% rise in Nasdaq 100 futures and Bitcoin’s rally to $31,750 at the time of writing set the stage for a recovery in crypto stocks in early trading on May 10.

Recall that Mike Novogratz, the founder of Galaxy Digital, allowed a further decline in the price of bitcoin.

In April, a senior executive said that a pause in tightening the Fed’s policy is a condition for the resumption of growth of the first cryptocurrency.