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Crypto Stocks Slump as Bitcoin, Ether Tumble
Coinbase, MicroStrategy and miners fell as equity markets declined worldwide.
Updated Aug 5, 2024, 1:57 p.m. Published Aug 5, 2024, 9:35 a.m.
- Bitcoin and ether tumbled Monday as risk-off sentiment permeated global markets.
- Crypto-related company shares followed suit, with miners slumping and crypto exchange Coinbase losing 17%.
Crypto-related company stocks slid Monday as escalating tensions in the Middle East and concerns about the strength of the global economy sent bitcoin and ether tumbling to their lowest levels in months.
Crypto exchange Coinbase (COIN) slumped 17%. Software developer MicroStrategy, which has a policy of buying bitcoin and holds more than 1% of the total supply that will ever be issued, tumbled 21%. CoinShares, a crypto asset manager, fell 12% in Sweden.
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The declines follow data from the U.S. that indicated the world's largest economy may not be as robust as earlier thought. The Labor Department on Friday posted jobs figures that fell below expectations and a higher-than-forecast unemployment rate. In the Middle East, tensions flared as Iran threatened to attack Israel following the assassination of Ismail Haniyeh, the political chief of terror group Hamas, in Tehran last week. Haniyeh was designated a terrorist by the U.S. in 2018.
Bitcoin, the largest cryptocurrency by market cap, fell as much as 15% on Monday, dropping below $50,000 for the first time since February. Ether, the No. 2, fell for the seventh straight day, posting its biggest drop since May 2021, and was recently 22% lower over 24 hours. The CoinDesk 20 Index (CD20), a measure of the broader crypto market, dropped 20% as of 13:45 UTC.
Equity markets slid worldwide, with the Nikkei 225 plunging more than 12%. The Stoxx Europe 600 fell 3.3% and the S&P 500 lost 3.0%.
Miners plunged alongside bitcoin. Marathon Digital (MARA) and Iren (IREN) both lost about 11%, as did Hut 8 (HUT). Riot Platforms (RIOT) lost 5.6%.
UPDATE (Aug. 5, 13:54 UTC): Updates prices throughout.
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