Benzinga | Sep 24, 2021 10:10AM EDT

Why Bitcoin-Related Stock Bit Digital Is Trading Lower Today

Bit Digital Inc (NASDAQ:BTBT) is trading lower Friday in sympathy with the price of Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).

The crypto markets are declining after The People's Bank of China reiterated its anti-crypto stance and announced that Bitcoin and Ethereum cannot be used as legal tender. China further strengthened its stance by declaring all virtual currency-related activities illegal.

HC Wainwright & Co. analyst Kevin Dede initiated coverage on Bit Digital Thursday with a Buy rating and announced a price target of $14.

Bit Digital is engaged in the Bitcoin mining business. Its mining platform operates with the primary intent of accumulating Bitcoin, which the company may sell from time to time to fund its operating expenses.

BTBT Price Action: Bit Digital has traded as high as $33 and as low as $3.40 over a 52-week period.

The stock was down 5.17% at $9.18 at time of publication.

Photo: mohamed Hassan from Pixabay.