Crypto Stocks Slide as Bitcoin Hits $84K
Crypto-related stocks started off on shaky footing in December, following Bitcoin's dip toward $84,000 during U.S. morning trading.
Digital asset treasury plays bore the brunt, with NAKA, MTPLF, BMNR, SBET, DFDV, and HSDT all falling over 10%. COIN, GEMI, and GLXY slipped almost 6%, while mining stocks such as MARA, RIOT, and HIVE each fell between 7%-9%.
MSTR slipped 11% to its lowest since October 2024 after announcing it has a $1.44 billion cash reserve and slashing its 2025 profit forecast. Other BTC-related companies such as MTPLF, NAKA, and ABTC fell, while Ether- and Solana-centered companies suffered double-digit drops.
Analysts said Bank of Japan rate-hike signals added pressure on risk assets, taking traders by surprise. According to Paul Howard of Wincent:
"Cryptocurrency continues to be the risk-on asset class and a bellwether of macro-economic events 24/7."
The Nasdaq shed nearly 1%, while the S&P 500 lost 0.3% during the broader market pullback.
Key Takeaway: Cryptocurrencies are still highly sensitive to both Bitcoin's price moves and global macroeconomic shifts.
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