Share this article
Crypto-Exposed Stocks Sink Amid Bitcoin’s Decline, Broader Market Rout
The stock declines come as the price of bitcoin has fallen almost 11% in the past 24 hours, trading below $40,000 for the first time in months.
Updated May 11, 2023, 4:03 p.m. Published Jan 21, 2022, 5:09 p.m.
Cryptocurrency stocks, including miners and exchanges, were falling as bitcoin, ether and other key cryptocurrencies sank on Friday.
Crypto exchange Coinbase (COIN) was down about 10%, while MicroStrategy (MSTR), which held about 124,391 bitcoins on its balance sheet as of late December, fell about 8%. Shares of Robinhood (HOOD), whose crypto trading revenue has increased significantly in the last year, were down about 4%.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The stock declines comes as bitcoin has fallen almost 11% in the past 24 hours to $38,644, trading below $40,000 for the first time in months. Ether fell about 13% to roughly $2,804 over the same time period, while Solana’s SOL and Cardano’s ADA were both down about 14%.
Read more: Bitcoin Dips Below $40K During Broader Asia Market Sell-Off
Shares of publicly traded miners including Hive Blockchain (HIVE), Hut 8 Mining (HUT), Marathon Digital Holdings (MARA), Riot Blockchain (RIOT) and Bitfarms (BITF) were down by at least 5% in Friday’s trading.
Cryptocurrency stocks were also falling amid a broader stock market rout, with technology shares bearing the brunt of the recent downtrend. The tech-heavy equity index Nasdaq has fallen 5% this week and was down 1% on Friday. The index fell through some key technical support levels, including the 200-day moving average, for the first time since April 2020, Craig Erlam, senior market analyst at Oanda Corp, told clients in a note on Friday.
Meanwhile, Erlam noted that bitcoin was “getting pummeled, hit by another wave of risk aversion in the markets that has pushed the price below $40,000 and probably exacerbated the move in the process.”
UPDATE (Jan. 21, 17:22 UTC): Added information on Nasdaq's performance.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Foundation behind restaking protocol EigenLayer plans bigger rewards for active users
An Incentives Committee would direct programmatic token emissions, focusing allocations on participants that secure AVSs and contribute to the EigenCloud ecosystem.
What to know:
- The Eigen Foundation has unveiled a governance proposal aimed at ushering in new incentives for its EIGEN token, shifting the protocol’s reward strategy to prioritize productive network activity and fee generation.
- Under the plan, a newly formed Incentives Committee would manage token emissions, prioritizing participants who secure Actively Validated Services and expand the EigenCloud ecosystem.
- The proposal includes a fee model that channels revenue from AVS rewards and EigenCloud services back to EIGEN holders, potentially creating deflationary pressure as the ecosystem grows.
Top Stories
