Bitcoin Plunge Below $84K Sends Crypto-Linked Stocks Reeling
Crypto-linked stocks took a hit on Friday as Bitcoin (BTC) slipped below $84,000. American Bitcoin Corp. (ABTC), Circle Internet Group (CRCL), Coinbase Global (COIN), and MicroStrategy Inc. (MSTR) all traded lower.
According to CoinGecko data from September 25 at 19:00 UTC, BTC was trading at $83,929.52, down 0.6% over the past 24 hours with a market capitalization of approximately $1.69 trillion and 24-hour trading volume of roughly $37.17 billion.
ABTC led the decline among the stocks listed, falling 6.09% to $9.02. CRCL dropped 4.69% to $88.64, while COIN declined 2.01% to $195.20. MSTR was down 1.60% at $159.03, according to data from Yahoo Finance.
The decline in crypto-linked stocks comes as a result of the broader market's performance. Circle Internet Group's recent agreement with Binance and its private placement purchase of $100 million worth of Circle Class A common stock may have also contributed to the drop in CRCL shares.