Market Update: Crypto Stocks Slide as Bitcoin Drops Below $61,000
Crypto-linked stocks declined after U.S. markets opened on Friday, tracking a drop in digital assets.
Bitcoin (BTC) fell more than 4% over the past 24 hours to $61,000, dragging down the broader crypto sector.
Major Losers
- Galaxy Digital (GLXY) led losses, falling about 8% in early trading.
- Bitcoin miners transitioning to AI infrastructure saw steep declines, with Riot Platforms (RIOT), CleanSpark (CLSK), Hut 8 (HUT), and Hive Digital (HIVE) each dropping nearly 10%.
- Coinbase (COIN), Robinhood (HOOD), Bullish (BLSH), and Circle (CRCL) each fell about 5%.
- Strategy (MSTR), the leading corporate bitcoin holder, also declined 5%.
Broader Market Context
The Nasdaq fell nearly 2% as the 10-year Treasury yield rose six basis points following the May jobs report, adding pressure to risk-sensitive assets like cryptocurrencies and tech stocks.