Cryptocurrency stocks are plummeting today. The biggest declines came from Circle, Robinhood, Coinbase, and Strategy. Circle fell 9.67%. Robinhood fell 7.78%. Coinbase fell 6.49%. Strategy fell 4.68%.
Panic began after the complete collapse of Washington. The Senate was scheduled to vote on a major cryptocurrency bill. It was supposed to happen on Thursday. That would have been a big deal for the entire market. But late Wednesday night, Coinbase CEO Brian said:
“Unfortunately, Coinbase cannot support this bill as written. This version would be significantly worse than the status quo. We are better off with no bill than a bad bill.”
Hours later, the Senate Banking Committee withdrew everything.
Delays in Congress’s virtual currency market structure bill hit related stocks
Circle, which made some history on Wall Street last year, fell to $76.60 on $1.2 billion in trades. Coinbase fell to $239.26 on volume of $83.4 million. Robinhood crashed to $110.36. Strategy fell to $170.93. During that time, more than $20 billion disappeared.
The rest of the cryptocurrency sector also fell. Exodus fell the most at 11.09%. Bitmine fell by 5.48%. Clean Spark fell by 4.42%. Riot Platforms fell 4.33%. MARA, Bitfarms, Bullish, and Canaan all had hits between 3% and 6%. PayPal, Block, SharpLink, Metaplanet, Hut 8, Neptune, and GREE also fell. Nothing held up.
Even Exodus, which trades just $44,000 daily, was caught in the selloff. Meru’s fell 6.03%. Bitcoin Inc. of America fell 4.26%. Gemini, Bit Digital, and Semler Scientific were also in the red. CIFR, PRE, BOYAF, MARA, and MTPLF were all negative.
Earlier this week, Bitcoin soared from $90,000 to a two-month high just as rumors about US involvement in Iran were circulating. More than $1.7 billion flowed into Bitcoin ETFs in just three days, the longest streak of inflows in months.
But now that’s over. There are signs that the US will not touch Iran. That ruined the meeting. The traders retreated. Stocks fell. No actual buyers appeared. Those who arrived earlier this week are now running for the exits.
Some stocks held up. Galaxy Digital soared 13.46% to trade at over $849 million. Bitdia rose 3.39%. Nexon and Net Holdings have also gone green. But those are the few exceptions. Today, most cryptocurrency names are being crushed.
The Dow managed to end the day higher, rising 292 points to 49,442. The S&P 500 ended at 6,944 and the Nasdaq at 23,530. But none of that helped crypto stocks. They are in their world today, and that world is bleeding.
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