Coinbase stocks sank to a seven-month low on Friday as U.S. stock markets continued to plummet in response to President Donald Trump’s recent tariff announcement.
American Crypto Exchange stock fell more than 13% at one point during Friday’s trading session, 6.38% below the market open at the time of writing. They are now 54% below their 52-week high of $349.75, the lowest point since September 2024.
Other major crypto adjacent stocks are also slipping into broader market sales.
A few days after the group, losses are growing among bitcoin miners I’ve posted the worst trading month all together Until now.
Riot Platforms and Bitdeer recently scored 4% and 8.44% early on Friday afternoon, respectively. Bitcoin Minors Mara and Clean Spark fell by 0.75% and 2.5%.
The non-minor defending the top crypto assets of the balance sheet were not very good as Tesla dropped by 10% and blocked a 7.34% drop.
strategy (formerly MicroStrategy), The largest publicly traded bitcoin holder Over 2.5% of the total supply, which fell at some point on Friday, but turned from red to green, recording profits of over 3% at the time of writing.
Bitcoin has grown by more than 3% in the last 24 hours, continuing its recent overtake of major stock indices including the S&P 500 and the tech-centric NASDAQ, both of which have dropped by about 5%.
That outperformance removed the correlation of top crypto assets with stocks, Using data from NewHedge The 0.68 correlation between the S&P 500 and Bitcoin price drops from 0.75 on March 3rd. The closer the correlation is to one, the price of Bitcoin reflects the price of the S&P 500’s performance.
Bitcoin supporters have historically emphasized the fixed supply characteristics of currencies as a bullish indicator of an era of macroeconomic uncertainty and instability. But at $84,190, BTC still trades at an all-time high of 22% and functions like a risk-on asset.
Edited by James Rubin
