On Friday, U.S. Stock Market Continues to Plummet Due to President Donald Trump’s Recent Tariff Announcement, Coinbase Stock Drops for Seven Months
During trading on Friday, shares of the U.S. cryptocurrency exchange fell by over 13%, remaining 6.38% lower than the market open at the time of writing. Their current trading price is below its 52-week high of $349.75, marking the lowest point since September 2024.
Other leading cryptocurrency stocks also slid amid a broader market sell-off.
In the Days Following the Group, Bitcoin Miners’ Losses Are Extending
The collective has reported their worst trading month ever.
Riot Platforms and Bitdeer, trading on Friday afternoon, recently dropped by 4% and 8.44%, respectively. Bitcoin miners Mara and CleanSpark declined by 0.75% and 2.5%.
Non-penalty holders advocating for top crypto assets on their balance sheets did not perform any better, with Tesla down 10% and Cap down 7.34%.
Strategy
(Formerly MicroStrategy), the largest publicly traded Bitcoin holder, also saw over 2.5% of its entire supply decline on Friday but turned from red to green, with gains exceeding 3% at the time of writing.
In the past 24 hours, Bitcoin has grown by over 3%, continuing its outperformance of leading stock indices, including the S&P 500 and tech-focused Nasdaq stocks, both of which declined by about 5%.
Outperformance Correlates Bitcoin with Stocks
This outperformance has aligned the top crypto asset with stocks, as indicated by Newhedge data, which shows a correlation of 0.68 between the S&P 500 and Bitcoin prices, down from 0.75 on March 3. The closer the correlation is to one, the more Bitcoin’s price reflects the annual performance of the S&P 500.
Bitcoin supporters have traditionally emphasized the currency’s fixed supply characteristics as a bullish indicator during times of macroeconomic uncertainty and instability. However, at a price of $84,190, BTC is still trading over 22% above its historical peak and is behaving more like a risk asset.
Edited by James Rubin
