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Coinbase, MicroStrategy Lead Crypto Stocks Lower in Market Rout
Double-digit percentage losses were the norm across the cryptocurrency sector as the Nasdaq tumbled another 4% and bitcoin plunged to just above $30,000.
By Aoyon Ashraf
Updated May 11, 2023, 5:26 p.m. Published May 9, 2022, 9:28 p.m.
MicroStrategy (MSTR) stock fell 25% and Coinbase (COIN) dropped 20%, setting the tone for crypto-related equities as bitcoin (BTC) crumbled from $40,000 a few days ago to as low as $30,200 on Monday afternoon.
Checking miners, Marathon Digital (MARA) and Riot Blockchain (RIOT) each declined by 19%. Crypto banking-related names Galaxy Digital (GLXY.TO) and Silvergate Capital (SI) fell by 27% and 19%, respectively.
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For Coinbase, Monday’s plunge has the stock now trading down more than 70% since its April 2021 initial public offering, with the company set to report Q1 earnings after the close on Tuesday. For MicroStrategy, CEO Michael Saylor and team made their first purchase of bitcoin in August 2020 – 21,454 coins for $11,650 each. Subsequent buys have brought holdings to more than 129,000 bitcoin at an average price of $30,700 each – meaning the company is now roughly breakeven on its purchases.
The sell-off in crypto came alongside continued major pressure on stocks, particularly in the tech sector. The Nasdaq index of stocks fell another 4.3%, the S&P 500 was down 3.2% and the DJIA declined 2%.
“Bitcoin’s long-term fundamentals have not changed in months, but growth/recession concerns have made this a very difficult environment for cryptos,” wrote Edward Moya, senior market analyst at Oanda. “No one is looking to buy the crypto dip just yet and that leaves bitcoin vulnerable here,” he added.
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Asia Morning Briefing: Data shows legacy media took a more balanced view of bitcoin in 2025
Media attention shifted from bitcoin’s environmental footprint to crime and kidnapping in 2025, while overall sentiment remained broadly neutral, according to crypto intelligence platform Perception.
What to know:
- In 2025, mainstream media coverage of Bitcoin became more balanced, with neutral reporting surpassing negative stories.
- The shift in narrative was driven by the exhaustion of earlier critiques rather than increased enthusiasm for Bitcoin.
- AI emerged as the dominant topic in media, overshadowing Bitcoin and driving more significant sentiment swings.
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