MSTR, BMNR, COIN, CRCL Stocks Slide After Bitcoin Falls Below $63K

Shares of Michael Saylor-backed Strategy (MSTR), Bitmine Immersion Technologies (BMNR), Circle (CRCL), Coinbase (COIN) and other large-cap crypto-linked equities tumbled in morning trade on Friday after Bitcoin’s (BTC) price fell below $63,000.

CRCL stock and MSTR shares were the hardest hit, down nearly 5% in morning trade. Meanwhile, Tom Lee-backed BMNR dropped by over 4% and COIN stock fell around 3%. Shares of Robinhood (HOOD), which has been expanding beyond cryptocurrency trading, fell nearly 2%.

The sell-off came after Bitcoin’s price dropped 2% in the last 24 hours to around $62,500. The apex cryptocurrency was among the top trending tickers on Stocktwits at the time of writing. Retail sentiment around BTC on the platform trended in ‘extremely bearish’ territory over the past day.

The broader equity market also tumbled in morning trade, adding pressure on crypto-linked stocks. The SPDR S&P 500 ETF (SPY) fell 0.12%, the SPDR Dow Jones Industrial Average ETF (DIA) slipped 0.18%, and the Nasdaq-100 tracking Invesco QQQ Trust (QQQ) moved 0.14% lower.

Bitcoin's Drop Hits Crypto-Linked Stocks

Crypto-linked stocks often move in tandem with Bitcoin, particularly companies whose business models or balance sheets have significant exposure to digital assets.