Cryptocurrency-related stocks started December lower like bitcoin fell to $84,000 during morning hours in the United States.
Shares of Coinbase (COIN), Gemini (GEMI), and Galaxy Digital (GLXY) fell nearly 6%. Crypto mining stocks also took a hit, with MARA Holdings (MARA), Riot Platforms (RIOT), and Hive Digital (HIVE) falling between 7% and 9%.
Bitcoin Treasury Play Strategy (MSTR) fell 11% to its lowest level since October 2024 after revealing a new cash reserve of $1.44 billion and cutting its 2025 profit outlook.
Other crypto treasury bets also fell. American depositary receipts of Metaplanet (MTPLF), a Japanese-listed corporate BTC holder, declined 10%, while KindlyMD (NAKA) fell 9.9% and American Bitcoin (ABTC) lost 6.7%. Ether-focused BitMine (BMNR) and SharpLink Gaming (SBET) plunged more than 10%, while Solana-focused companies DeFi Development (DFDV) and Solana Company (HSDT) also suffered double-digit losses.
Meanwhile, the Nasdaq fell almost 1% in the first minutes of the session and the S&P 500 index fell 0.3%.
The sector-wide pullback came amid fresh signs of raising interest rates from the Bank of Japan, taking many traders by surprise, said Paul Howard, senior director at trading firm Wincent.
“News about a possible rate hike by the BoJ caught many in the markets by surprise and caused risk assets to drop generally overnight,” Howard said in a Telegram message. “Cryptocurrencies remain the go-to risk asset class and a 24/7 barometer of macroeconomic events.”
Read more: Bitcoin, Ether and XRP slide as December begins with ‘incident of the year’
