A wave of selling swept through US pre-market trading today as cryptocurrency-linked stocks took a hit.
Summary
- Major U.S. cryptocurrency-related stocks fell in premarket trading, with MicroStrategy, Coinbase and Robinhood falling as investor sentiment weakens.
- Smaller cryptocurrency-focused companies, including SharpLink Gaming and BitMine Immersion Technologies, also fell sharply, mirroring losses in digital assets.
- The broader crypto market remains under pressure, with Bitcoin falling below $104,000 and major tokens such as ETH, BNB, and SOL posting heavy weekly losses.
The US pre-market session began with notable declines among key cryptocurrency-related stocks. Strategy Inc. (ticker MSTR), the largest Bitcoin treasury company, fell 3.3%. Coinbase (COIN), one of the largest cryptocurrency exchanges, fell by a similar margin of 3.12%, for data from Yahoo Finance.
Robinhood Markets (HOOD), another major player in cryptocurrency trading, saw its shares drop 3.35%. The weakness spread to smaller cryptocurrency-focused companies, with SharpLink Gaming (SBET) losing 4.28% and Bitmine Immersion Technologies (BMNR) falling 4.9%.
Today’s declines come amid a broader market slowdown that has roiled investor sentiment in digital assets, and the synchronized drop in cryptocurrency stocks underscores the current volatility facing the cryptocurrency market and its related stocks. The close relationship between cryptoasset prices and the performance of these stocks amplifies the effect of digital asset market swings on the values of related stocks.
As trading unfolds throughout the day, market watchers will closely monitor whether this downtrend persists or whether a rally in key tokens can offer support to these concept stocks.
Crypto Market Falls Deeper
The broader crypto market is firmly in the red as major tokens post double-digit losses on the week and sharp drops on the day. Market data from crypto.news shows Bitcoin (btc) is changing hands at $103,700, down 3.5% over the past 24 hours and down almost 9% over the past week. Ethereum (ETH) stands at $3,493, registering a daily drop of 5.9% and falling more than 15% for the week.
Binance Coin (BNB) is now trading near $954, losing 6.7% since yesterday and more than 16% for the week. Solana continues its sharp decline after losing the $200 level. SUN (SUN) has fallen to $160 after falling more than 21% during the week.
XRP (XRP) is also in the red, facing a 5.5% drop to $2.27 in today’s session and more than 14% since last week. The synchronized sale of major tokens paints a clear picture of the negative sentiment dominating the market, with bulls struggling to establish support as the downturn deepens.
