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Crypto Stocks Tank as Bitcoin Drops Below $96k

According to data compiled by a market expert, Coinbase’s COIN took the worst hit from Bitcoin’s recent free fall below the $100,000 mark.

Avatar image of Mishael Nwani Mishael Nwani•December 20, 2024
Liquidate

The past 24 hours have been a rollercoaster for many in the crypto industry as top crypto assets recorded significant price drops. Among the affected is the apex crypto, Bitcoin (BTC), which tanked from over $101,000 to as low as $92,400 within the past 24 hours.

Publicly traded companies heavily affiliated with BTC also saw their stocks face a free fall on the pre-market record.

Crypto Stocks Fall

According to data compiled by a market expert, stocks belonging to companies like Coinbase (COIN), Bitfarms (BITF), MicroStrategy (MSTR), Riot Platforms (RIOT), Hut 8 (HUT), MARA Holdings (MARA), and BlackRock (IBIT), saw a price decline on the pre-market chart.

Pre-market stock trading occurs when investors schedule stock trades outside trading hours. These trades are scheduled to be executed when business hours resume. The prices of stocks traded in the pre-market often differ from their values during regular hours.

Coinbase’s COIN saw the worst hit as its value tanked 5.5%. MicroStrategy’s MSTR and Hut 8’s HUT saw a 5.3% price decline. Recall that both firms accumulated a significant number of BTC this week. Bitcoin miner Bitfarms saw its stock drop by 5% in the pre-market record.

Bitcoin miners Riot Platforms and MARA Holdings saw their stock decrease by 4.1% and 4%, respectively. In addition to earning BTC through their mining operations, these firms have committed to frequent bitcoin buying practices. BlackRock’s IBIT was the least hit, tanking by 2.5% on the pre-market record.

BTC Trades at $95K

Bitcoin’s sudden price decline surprised many market participants, as spot Bitcoin exchange-traded funds (ETFs) investors pulled out $680 million in a single day. Still, market experts like the intelligence firm Santiment urged users to buy BTC.

When writing, the apex crypto asset traded at $95,300, representing a 3.6% decline in the past 24 hours.

Mishael Nwani

Mishael Nwani is an avid crypto enthusiast with nearly four years of experience in the industry. Since 2022, he has covered topics across cryptocurrencies, NFTs, artificial intelligence, and financial markets.