Coinbase stock sank to a seven-month low on Friday as the U.S. equities market continued plummeting in response to President Donald Trump’s recent tariff announcements.
Shares in the American crypto exchange fell more than 13% at one point during Friday’s trading session and remain 6.38% below market open at the time of writing. They are now trading 54% below their 52-week high of $349.75, their lowest point since September 2024.
Other leading crypto adjacent stocks are also sliding heavily in the broader market selloff.
Losses are extending among Bitcoin miners, just days after the group collectively posted their worst trading month ever.
Riot Platforms and BitDeer recently plunged 4% and 8.44%, respectively, in early Friday afternoon trading. Bitcoin miners MARA and CleanSpark dropped 0.75% and 2.5%.
Non-miners that champion the top crypto asset on their balance sheets haven’t fared much better with Tesla dropping 10% and Block falling 7.34%.
Strategy (formerly MicroStrategy), the largest publicly traded Bitcoin holder with more than 2.5% of the entire supply, was also down at one point on Friday, but flipped from red to green, posting gains of more than 3% at the time of writing.
Bitcoin Shows ‘Impressive Resilience’ as Nasdaq Nears Bear Market on China Angst
The price of Bitcoin whipsawed on Friday as China countered U.S. President Donald Trump’s tariffs with sweeping levies of its own and investors mulled fresh labor market data. The leading cryptocurrency was recently changing hands below $83,000, a 1% increase over the past day, according to crypto data provider CoinGecko. Bitcoin rose as high as $84,600 on Friday morning Eastern Time before dipping to $81,700 an hour and a half later. Major altcoins were largely in positive territory with XRP an...
Bitcoin was up more than 3% in the last 24 hours, continuing its recent outpacing of leading equity indices, including the S&P 500 and tech-focused Nasdaq, which were both down about 5%.
That outperformance has dropped the top crypto asset’s correlation to equities, with data from Newhedge indicating a 0.68 correlation between the S&P 500 and Bitcoin’s price, down from 0.75 on March 3. The closer the correlation gets to one, the more Bitcoin’s price mirrors that of the S&P 500’s performance.
Bitcoin proponents have historically highlighted the currency’s fixed-supply characteristics as a bullish indicator for times of macroeconomic uncertainty and instability. Yet at $84,190, BTC still trades at more than 22% off its all-time high and has been performing more like a risk-on asset.
Edited by James Rubin
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