Text size
Shares in Coinbase and other companies exposed to Bitcoin dropped on Monday.
Tiffany Hagler-Geard/Bloomberg
Shares in companies sensitive to the price of Bitcoin were moving lower after the largest digital asset plunged over the weekend and kept dropping on Monday.
Stock in the cryptocurrency exchange
Coinbase Global (ticker: COIN) fell 13% by midday.
MicroStrategy (MSTR), a software company that has extensive Bitcoin holdings and is adding exposure to the cryptocurrency as an option for workers’ 401(k) plans, was down 17%.
Digital payments group
Block (SQ) lost 10% and the crypto-focused bank
Silvergate Capital )SI) retreated 11%. Bitcoin miners
Riot Blockchain (RIOT) and
Marathon Digital (MARA) both dropped 13%.
Meanwhile, the technology-stock heavy
Nasdaq Composite
tumbled 2.8% and the wider
S&P 500
index was 2.1% lower.
Bitcoin prices plunged 6% over the past 24 hours to $32,300, deepening losses from over the weekend after changing hands around $36,000 on Friday. The selloff leaves Bitcoin at less than half of the record high of $68,990 reached in November 2021, putting the largest crypto at its lowest level since July.
“We’ve seen renewed selling in Bitcoin and the wider digital token market as the prospect of increasing interest rates and a deteriorating economic environment continues to weigh on risk assets,” a team of analysts at cryptocurrency exchange Bitfinex said in a note.
“Investors exiting positions may be adding some momentum to the protracted sell off that we’ve witnessed over the past few days,” they added.
Write to Jack Denton at jack.denton@dowjones.com