tl;dr
Coinbase stock hit a seven-month low due to the U.S. equities market downturn following President Trump's tariff announcements. The American crypto exchange's shares fell over 13% during Friday's trading and are now 6.38% below market open. Other crypto-related stocks, including Bitcoin miners and n...
Coinbase stock hit a seven-month low due to the U.S. equities market downturn following President Trump's tariff announcements. The American crypto exchange's shares fell over 13% during Friday's trading and are now 6.38% below market open. Other crypto-related stocks, including Bitcoin miners and non-miners like Tesla and Block, also experienced significant losses.
However, Bitcoin itself was up over 3% in the last 24 hours, outperforming leading equity indices. This has reduced Bitcoin's correlation to equities, indicating a shift in its price behavior. Despite trading at $84,190, more than 22% off its all-time high, Bitcoin has been behaving more like a risk-on asset during this period of macroeconomic uncertainty.
Coinbase stock sank to a seven-month low on Friday as the U.S. equities market continued plummeting in response to President Donald Trump’s recent tariff announcements. Shares in the American crypto exchange fell more than 13% at one point during Friday’s trading session and remain 6.38% below market open at the time of writing. They are now trading 54% below their 52-week high of $349.75, their lowest point since September 2024.
Other leading crypto adjacent stocks are also sliding heavily in the broader market selloff. Losses are extending among Bitcoin miners, just days after the group collectively posted their worst trading month ever. Riot Platforms and BitDeer recently plunged 4% and 8.44%, respectively, in early Friday afternoon trading. Bitcoin miners MARA and CleanSpark dropped 0.75% and 2.5%. Non-miners that champion the top crypto asset on their balance sheets haven’t fared much better with Tesla dropping 10% and Block falling 7.34%. Strategy (formerly MicroStrategy), the largest publicly traded Bitcoin holder with more than 2.5% of the entire supply, was also down at one point on Friday, but flipped from red to green, posting gains of more than 3% at the time of writing.
Bitcoin was up more than 3% in the last 24 hours, continuing its recent outpacing of leading equity indices, including the S&P 500 and tech-focused Nasdaq, which were both down about 5%. That outperformance has dropped the top crypto asset’s correlation to equities, with data from Newhedge indicating a 0.68 correlation between the S&P 500 and Bitcoin’s price, down from 0.75 on March 3. The closer the correlation gets to one, the more Bitcoin’s price mirrors that of the S&P 500’s performance.
Bitcoin proponents have historically highlighted the currency’s fixed-supply characteristics as a bullish indicator for times of macroeconomic uncertainty and instability. Yet at $84,190, BTC still trades at more than 22% off its all-time high and has been performing more like a risk-on asset.