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Bitcoin sinks below $66,000 as crypto prices follow U.S. stocks lower
Coinbase and Robinhood are down big again today as the crypto bear market pressures trading volumes.
Updated Feb 12, 2026, 5:26 p.m. Published Feb 12, 2026, 4:45 p.m.
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What to know:
- Crypto prices are lower across the board on Thursday, with today's negative catalyst appearing to be a sharp decline in U.S. stocks.
- Bitcoin has lost the $66,000 level, and ether has fallen to $1,900.
- Coinbase (COIN) and Robinhood (HOOD) are leading to the downside as the crypto slump pressures trading volumes.
Bitcoin has fallen back to the low end of its recent trading range during late-morning U.S. trading hours on Thursday as the tech-heavy Nasdaq tumbles 1.6%.
Trading at $65,700, bitcoin is now lower by 1.5% over the past 24 hours, while ether , just above $1,900, is down more than 2%.
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The bitcoin price action — uncorrelated with the Nasdaq when that index is headed higher, but perfectly correlated when it heads lower — has become all too familiar for the crypto sector. And the failure to hold any sort of sustained bounce from last week's panicky plunge has bulls seemingly in full capitulation mode.
Alternative's well-followed Crypto Fear & Greed Index today fell to just 5, a level of "extreme fear" exceeding even what was seen during the multiple collapses of the 2022 crypto winter and the 2020 Covid crash.
Also raising eyebrows is longtime bull Geoff Kendrick from Standard Chartered, slashing his 2026 price targets for bitcoin, ether, solana, BNB and AVAX, while warning bitcoin could dip to as low as $50,000.
Crypto stocks lose ground
Coinbase (COIN) and Robinhood (HOOD) are among the largest losers on Thursday, each down more than 8%. Coinbase reports fourth-quarter results after the bell, but Robinhood’s fourth-quarter report earlier this week confirmed that the crypto bear market had taken a large bite out of trading revenues in the final three months of 2025 — and that was before the price action got really bad to begin 2026.
Other large decliners today include Strategy (MSTR), down 4.2%, Circle Financial (CRCL), down 4.3%, and Hut 8 (HUT), down 6.6%.
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What to know:
- Crypto exchange Coinbase reported a fourth quarter earnings miss.
- Transaction revenue of $982.7 million was down from $1.046 billion the previous quarter and $1.556 billion in the fourth quarter one year ago.
- In the first quarter of 2026 through Feb. 10, the company has seen about $420 million in transaction revenue.
- Shares were modestly higher in after-hours trade, though remaining down about 40% year-to-date.
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