A wave of selling spread through pre-market trading in the US today as crypto-related stocks took a hit.
summary
- Major US crypto stocks fell in pre-market trading, with MicroStrategy, Coinbase and Robinhood each falling on weaker investor sentiment.
- Small crypto-focused companies such as SharpLink Gaming and BitMine Immersion Technologies also saw significant declines, mirroring losses across digital assets.
- The broader cryptocurrency market remains under pressure, with Bitcoin falling below $104,000 and major tokens such as ETH, BNB, and SOL posting significant weekly losses.
The US pre-market session began with notable declines in major crypto-related stocks. Bitcoin treasury leader Strategy Inc. (ticker MSTR) fell 3.3%. Coinbase (COIN), one of the largest crypto exchanges, similarly fell by 3.12%, according to data from YahooFinance.
The stock price of Robinhood Markets (HOOD), another important player in crypto trading, fell 3.35%. The weakness also extended to smaller crypto-focused companies, with Sharplink Gaming (SBET) down 4.28% and Bitmine Immersion Technologies (BMNR) down 4.9%.
Today’s decline comes amid a broader market downturn that has destabilized investor sentiment across digital assets, and the simultaneous decline in crypto stocks highlights the continued volatility facing the crypto market and its related stocks. Due to the close relationship between crypto asset prices and the performance of these stocks, the impact of digital asset market fluctuations on the associated stock values is amplified.
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As trading unfolds throughout the day, market watchers will be watching closely to see if this downtrend continues, or if a recovery in major tokens could support these concept stocks.
The decline in the virtual currency market is becoming more serious
The broader cryptocurrency market is firmly in the red as top tokens posted double-digit losses for the week and significant intraday declines. Bitcoin (BTC) is trading at $103,700, down 3.5% in the past 24 hours and down almost 9% over the past week, according to market data from crypto.news. Ethereum (ETH) was trading at $3,493, down 5.9% for the day and over 15% for the week.
Binance Coin (BNB) is currently trading around $954, down 6.7% since yesterday and over 16% this week. Solana continues to fall sharply after losing the $200 level. SOL (SOL) fell to $160 after falling more than 21% this week.
XRP (XRP) is also in the red, falling 5.5% to $2.27 in today’s session, facing a decline of over 14% from last week. The synchronous selling of major tokens highlights the clear picture of negative sentiment dominating the market, with bulls struggling to establish support as the economic downturn deepens.
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