Coinbase shares fell to their lowest point in over seven months Friday. The U.S. equity market plummeted as a result of President Donald Trump’s tariff announcements.
At one point in Friday’s session, shares of this American crypto exchange were down more than 13%. As I write this report, they are still 6.38% under the open market. The shares are currently trading 54% lower than the 52-week top of $349.75. It is now their lowest price since September 20,24.
In the wider market selling, other leading crypto-related stocks have also fallen heavily.
Bitcoin miners are now experiencing even more losses, only days after the Bitcoin group suffered a setback. Collectively, they had their worst month of trading ever.
Riot Platforms (-4%) and BitDeer (8.44%) both plunged in the early afternoon of Friday. MARA Bitcoin Miners and CleanSpark fell 0.75% & 2.5%.
Tesla and Block, the two top crypto assets on balance sheets of non-miners, have both dropped by 10%.
Strategy MicroStrategy, the Bitcoins largest publically traded holder With more than 2,5% of all supply, it was down on Friday as well, but turned from red to a green color, with gains exceeding 3% when this article was written.
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%.
The top cryptocurrency asset has seen its correlation with equities fall. Newhedge Data 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 supporters have always emphasized the fixed supply of bitcoins as an indicator that it is a good currency to use during times of economic uncertainty. BTC is still trading at $84,190 and more than 22 percent off its high. It has performed more like a volatile asset.
James Rubin, Editor
