Crypto Stocks Plunge as Bitcoin Dips to $112K
Crypto Stocks Tumble Amid Bitcoin Price Drop
Crypto stocks experienced a significant downturn in pre-market trading on Monday following a sharp decline in Bitcoin's price. Bitcoin (BTC) fell to $112,898.63, triggering a wave of liquidations across cryptocurrency exchanges and impacting related equities.
Major Stocks Affected
- Coinbase (COIN): Down by 3% in pre-market trading.
- MicroStrategy (MSTR): Slid by 2.3%.
- Mara Holdings (MARA): Lost over 3%.
- Metaplanet (TYO: 3350): Also down more than 3%.
Crypto Treasury Companies Face Pressure
Companies managing crypto treasuries felt the brunt of the sell-off:
- Forward Industries (FORD): Declined by as much as 5% in pre-market trading.
- BitMine (BMNR): An ETH-focused company, lost 3.9%.
Market Overview
The equities dip follows a challenging start to the week for crypto markets during Asian trading hours. Bitcoin (BTC) is down 2.3%, and Ether (ETH) is down 6.4%, with several altcoins experiencing even steeper declines.
This downturn comes after many tokens gained momentum last week, potentially influenced by the Federal Reserve’s recent interest rate decision. The reversal triggered widespread liquidations, with $500 million in ETH positions unwound in the past 24 hours, according to CoinGlass.
As markets navigate this volatility, ensuring the security and integrity of blockchain platforms is paramount. Codeum provides comprehensive services, including smart contract audits and security consulting, to help projects build robust and resilient blockchain solutions.