NVIDIA's Stock Continues to Slide Amid Crypto Crash
"Robinhood Slid 82 as Bitcoin Lost About a Fifth of Its Value"
"NVIDIA's Stock Fell in Response to the Global Crypto Selloff"
Robinhood, a popular stock and crypto trading app, saw its stock (HOOD) plummet by 82% on Monday, March 14, 2022. The drop came as the value of Bitcoin (BTC) and other cryptocurrencies fell by about a fifth in a global selloff.
NVIDIA (NVDA), a major producer of graphics processing units (GPUs) that are used in cryptocurrency mining, also saw its stock fall on Monday. NVDA's stock fell by about 7%.
The decline in NVIDIA's stock price is a reflection of the wider market sell-off in cryptocurrencies. The drop in Bitcoin's value has led to a decrease in demand for GPUs, which are used to mine the cryptocurrency. NVIDIA is a major producer of GPUs, so the decline in demand for GPUs has had a negative impact on the company's stock price.
It is unclear when the crypto market will stabilize, but the recent sell-off has had a significant impact on the stock prices of companies that are involved in the cryptocurrency industry. Robinhood and NVIDIA are just two examples of companies that have seen their stock prices fall as a result of the crypto crash.
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