Crypto-related stocks started December lower like bitcoin tumbled towards $84,000 during the US morning hours.
Shares of Coinbase (COIN), Gemini (GEMI), and Galaxy Digital (GLXY) fell nearly 6%. Crypto mining stocks were also hit, with MARA Holdings ( MARA ), Riot Platforms ( RIOT ), and Hive Digital ( HIVE ) falling 7%-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 reducing its outlook for 2025.
Other bets on the crypto treasury also fell. American depositary receipts for Metaplanet ( MTPLF ), a Japan-listed company’s BTC holder, fell 10%, while KindlyMD ( NAKA ) fell 9.9% and American Bitcoin ( ABTC ) lost 6.7%. Ether-focused BitMine (BMNR) and SharpLink Gaming (SBET) fell more than 10%, while Solana-centric companies DeFi Development (DFDV) and Solana Company (HSDT) also suffered double-digit losses.
The Nasdaq, meanwhile, fell nearly 1% in the first minutes of the session and the S&P 500 fell 0.3%.
The sector-wide pullback came amid renewed interest rate hike signals from the Bank of Japan, catching many traders flat-footed, said Paul Howard, senior director at trading firm Wincent.
“The potential rate hike news from the BoJ surprised many in the markets and led to a decline in risk assets overall overnight,” Howard said in a Telegram message. “Cryptocurrency remains the risk-based asset class and a bellwether of macroeconomic events 24/7.”
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