The top five cryptocurrencies were down across the board Tuesday, still recovering from Warren Buffett’s remarks yesterday that Bitcoin is more like gambling than an investment.
Meanwhile, Kraft Heinz Co's (NASDQ:KHC) Oscar Mayer brand brought some levity to the market by announcing its own cryptocurrency, called Bacoin. Traders can mine, track, and cash out Bacoin for real packs of bacon. As of Tuesday, one bacoin is equivalent to 12 slices of bacon.
Bitcoin Cash (BCH-USD) was the top decliner, down more than 4% to US$1,289.54 followed by Bitcoin (BTC-USD) which was down nearly 3% to $8,989.52.
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Ethereum (ETH-USD) and Ripple (XRP-USD) are down around 1% while EOS (EOS-USD) fell less than a percent.
Shares of Bitcoin miner MGT Capital Investments Inc (OTCQB:MGTI) were down more than 8% to US$1.64. The London-based company has bitcoin mining facilities in Washington state and Sweden.
Blockchain technology company eXeBlock Technology Corp’s (CNSX:XBLK) shares fell more than 2% to C$0.23. Based in Nova Scotia, the company offers custom blockchain development and technology consulting.
The North American Marijuana Index, comprised of the leading cannabis stocks in the U.S. and Canada, was also on the decline.
The index was fell just over 1% this afternoon.
Cronos Group Inc (NASDAQ:CRON) was a big mover. Despite a strong fiscal fourth-quarter, Cannacord analysts downgraded the shares to a Sell from a Hold. Shares of the Toronto-based company were down more than 10% to US$6.20.
Axim Biotechnologies Inc (OTCQB:AXIM) was an index leader, rising more than 4% to US$4.63. The New York-based biotech develops cannabis-based pharmaceutical products including CanChew, a CBD-based chewing gum.