Bitcoin Plunge Triggers Widespread Selloff Across Crypto-Linked Stocks

Crypto-linked stocks took a hit on Friday after Bitcoin's price fell below $63,000. The broader U.S. stock market also trended lower, adding pressure on risk-sensitive assets.

The SEC delayed its 'Regulation Crypto' initiative meeting, which was expected to address digital asset rules in the U.S. West Texas Intermediate (WTI) crude prices rebounded after two consecutive sessions of declines, climbing above $82 a barrel.

Shares of MSTR, BMNR, COIN, CRCL, and other large-cap crypto-linked equities tumbled in morning trade, with some stocks dropping as much as 5%. Bitcoin's price drop to around $62,500 triggered the sell-off, with retail sentiment on Stocktwits trending 'extremely bearish'.

The delay of the SEC meeting added to uncertainty around U.S. digital asset rules, which may have contributed to the decline in crypto-linked stocks. The broader equity market also tumbled, with the SPDR S&P 500 ETF (SPY) falling 0.12%, the SPDR Dow Jones Industrial Average ETF (DIA) slipping 0.18%, and the Nasdaq-100 tracking Invesco QQQ Trust (QQQ) moving 0.14% lower.