It's not just digital coins and tokens getting battered—crypto equities are also in the red.
Bitcoin crashed below $80,000 on Monday morning New York time while stock markets suffered, as President Trump continued to rattle markets with tariff twists and recent comments on a potential recession.
Companies holding Bitcoin and public firms in the digital asset space also nosedived. Coinbase, America's biggest crypto exchange and a public one that has traded on the Nasdaq since 2021, is currently down over 9% per share, trading hands for under $198. Over the past 30 days, COIN has dipped by nearly 30%.
Strategy—formerly MicroStrategy—dropped even further: the price of its stock (NASDAQ: MSTR) is down by over 10% over the past day and is priced at nearly $258.
Shares of the company, which is the largest corporate holder of Bitcoin with about $40 billion worth in its treasury, are also down by about 23% over the past month.
And MARA, one of the biggest Bitcoin miners, has dropped by over 10% in 24 hours. It's now trading for $14.40 a pop.
Other public Bitcoin miners, which all hold significant amounts of BTC, are down. Riot Platforms (NASDAQ: RIOT) is down nearly 5% today; CleanSpark (NASDAQ: CLSK) has dropped by about 3%; Hive Digital (NASDAQ: HIVE) by over 10%.
Investors buy shares in public companies like Strategy and MARA to get exposure to the crypto—specifically Bitcoin—space.
Strategy was previously primarily a cloud software company, but now works mostly to securitize Bitcoin: It buys and holds the cryptocurrency, and investors snap up shares to get exposure to the asset in a regulated way.
Bitcoin and most cryptocurrencies dropped hard Monday after President Trump said over the weekend that the U.S. economy faces "a period of transition." Furthermore, Trump wouldn't rule out a potential recession ahead for America.
The new American leader has kept traders on their toes by constantly changing the timing of when, and extent to which he wants to hit major economies like China, Canada, and Mexico with trade tariffs.
The Nasdaq is down by nearly 3.4% Monday, while the S&P 500 has fallen by 2% so far on the day.
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