Bitcoin fell by 13% in the last 24 hours, extending a bearish run that erased nearly 30% of the its value over the past seven days The massive sale was warned by Bitcoin mining companies whose shares declined. The collapse of the Earth ecosystem was the biggest stock in the cryptocurrency industry, but it’s not the only crypto entity to have been hit by the downturn in the market. Its native LUNA token collapsed losing a total of 98% in the last 24 hours. Its stable currency, TerraUSD, has suffered a similar fate, reaching as low as 0, 4711 $ against the dollar. Bitcoin is doing badly on its own, but it is much better than Ethereum and many other altcoins. The leading asset fell below 28 today. 4711 $, a low that hadn’t touched since December 2020. Notably, the latest bearish wave has been much more intense than previous bearish trends printed this year. Shares of Bitcoin mining companies too. have taken a hit Market data shows that the share prices of several publicly traded Bitcoin mining entities, including Riot Blockchain, are Arcane Research’s Jaran Mellerud shared Wednesday that most Bitcoin mining stocks outperformed the asset itself, and even by a certain margin. In a series of tweets, the analyst pointed out that the top five largest mining stocks (based on market capital) recorded losses in excess of 50% since the beginning of the year. “The biggest” loser “is Riot, who is down by 65% from the beginning of the year. Marathon follows with a loss of 63% ”, wrote. ” If we include the ten largest public bitcoin mining companies, the best is CleanSpark, down by 41% “. Part of the drivers of losses is their direct exposure to market volatility: decreases in the price of the asset affect their income. These cryptocurrency companies have made significant direct investments by holding the asset, which is currently steeply falling. “The rise in the global hashrate and the drop in the price of BTC have resulted in less BTC mining for these companies and a lower USD denominated value of their mined BTC.” In stark contrast to the historical trend, this year’s drop in BTC price did not cause a reduction in the global hash rate. Finally, researcher Arcane cited the relatively slower growth of hashrate by companies as another factor. He noted that investors in these companies were expecting faster hashrate growth, which was not the case here.