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Crypto stocks including Coinbase & Marathon digital fall

Crypto stocks including Coinbase & Marathon digital fall

Crypto based stocks like Coinbase and marathon digital faced their worst week in 2024 as the crypto market saw a great crash.

Image of Sahil ThakurSahil ThakurNews

Sep 8, 2024

Image of Sahil Thakur

Sahil Thakur

Cryptocurrency exchange Coinbase experienced its worst trading week of the year, with Bitcoin miner Marathon Digital falling by 20%. A basket of crypto-related stocks tracked by Schwab also dropped to its lowest point since February, reflecting concerns about the U.S. economy and a wider selloff in risky assets. The Nasdaq slid 5.8%, marking its worst performance since January 2022.

  • The Crypto Fear & Greed Index is in “Extreme Fear,” signaling investor anxiety.
  • Bitcoin dropped 4% to its lowest level since February, and Ether fell 12%.
  • Over $287 million was pulled from U.S. spot bitcoin ETFs in a single day.

Macroeconomic pressures, combined with September being a historically challenging month for crypto, further impacted market sentiment. Weak U.S. manufacturing data fueled fears of an economic slowdown, leading to a sharp selloff across both traditional and crypto markets. Additionally, labor market reports released on Friday underscored a softening job market, which contributed to concerns over the Federal Reserve’s next move.

Crypto equities were hit hard. Schwab’s crypto-themed ETF (STCE) plunged 11%, and Coinbase dropped 20% amidst ongoing legal battles with the SEC. Bitcoin mining firms like CleanSpark and Riot Platforms saw double-digit declines, with CleanSpark down 24% and Riot Platforms losing 17%.

Despite the downturn, JPMorgan analysts noted that trading volumes actually increased in August, suggesting some investor resilience despite the broader market woes.

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