The price of Bitcoin hit its lowest price in over a year on Wednesday, dragging the price of top crypto stocks with it.
Bitcoin was recently trading at around $73,013 after dipping by more than 3% over a 24-hour period, according to CoinGecko data. It dropped under $72,000 earlier on Wednesday — its lowest price since November 2024. Over the past week, the leading digital asset has shed nearly 19% of its value.
The drop comes as markets across the board sell-off and market observers are divided on whether crypto is now in a bear market.
Cascading effect
Bitcoin’s selloff wasn’t contained to digital coins and tokens — major companies in the space are down badly today, too, with Bitcoin treasury Strategy nosediving more than 5% on Wednesday.
All eyes are on the pioneer of the treasury trade as Michael Saylor will share his company’s earnings on Thursday. Strategy’s Nasdaq-listed stock is down over 23% the past month, and nearly 70% in the past six months.
America’s biggest crypto exchange, Coinbase, also took a hit Wednesday, and was trading more than 7% lower, closing Wednesday priced at nearly $169 a share.
Meanwhile, USDC issuer Circle, which trades on the New York Stock Exchange, was trading 2% lower, at $55, and trading platform Robinhood took a harder hit — it’s down 8% over the past day. It finished the day at close to $81.
The selloff in top crypto equities comes as crypto markets follow tech equities, which have experienced increased volatility over the past week.
“It feels like the correlation between crypto and US equities is turning positive again as they sell off simultaneously,” Aurelie Barthere, principal research analyst at Nansen, told DL News.
Bitcoin mining selloff
Bitcoin miners also got slammed by the downturn.
Publicly traded companies that recently have made the move to providing high-powered computing resources for the artificial intelligence industry dropped further.
HUT 8 closed the day 8% lower; Core Scientific dipped by nearly 9%. Mara Holdings’ stock also dropped by 9% and IREN finished the day 17% lower.
Many top companies in the Bitcoin mining space have pivoted to providing resources to the AI industry as minting coins gets tougher.
