BIT Mining, Bakkt, HIVE, some other crypto stocks slide even as bitcoin holds steady

Cryptocurrency-related stocks like BIT Mining (BTCM) -8.9%, Bakkt (NYSE:BKKT) -4.9% and HIVE Blockchain (HIVE) -6.1% are falling in Monday afternoon trading despite modest gains seen in bitcoin (BTC-USD) and other major digital tokens. Over the past 24 hours, Bitcoin (BTC-USD +0.1%) has held slightly above its psychological key level of $30K, trading at $30.05K as of shortly before 3:00 p.m. ET. Ethereum (ETH-USD +1.8%) is rising to $2.05K. Bitcoin's (BTC-USD) modest upswing on Monday followed seven consecutive weeks in decline, its longest losing streak since August 2011, according to data compiled by Bloomberg. It comes at no surprise that stocks have faced a similar cyclical downturn given its strong correlation with bitcoin. “If the S&P falls some more, that should create one final flush and a great buying opportunity for Bitcoin,” Fundstrat Global technical strategist Mark Newton said, as quoted by Bloomberg. “There’s a lot of bearishness, and we should be approaching a time