Bitcoin Plunges Towards $29,000, Coinbase Drives Crypto Stocks Down Alongside Traditional Markets

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Bitcoin slipped below $30,000 as the broader crypto market waned at the start of US trading alongside traditional markets. Cryptocurrency and blockchain-related stocks also fell.

The leading cryptocurrency by market cap fell 3.8% to trade at $29,282 as of 9:45 a.m. EDT, according to data from Binance via TradingView. Ether slipped below $2,000, taking its losses over the past day to 6%.

Altcoins were similarly affected. Binance’s BNB fell 5% over the past day, with Ripple’s XRP losing 6.5% and Cardano’s ADA just under 6%.

Round-the-clock heatmap of the crypto market via TradingView

Bitcoin drops with stocks

Crypto prices are once again closely tied to stock markets, which will focus on continued Q1 earnings this week, according to B2C2 market maker Adam Farthing.

Equities “will pay close attention to bank results and will be very alert to any signs of stress or fundamental shifts in deposit bases and trading patterns,” Farthing said.

Crypto and blockchain-related stocks were down, with Coinbase and MicroStrategy leading the declines.

Shares of the crypto exchange fell 4% to around $64.50 as of 9:45 a.m. EDT, according to data from TradingView. Coinbase shares have soared this year, up 82% since January and leading large-cap stock gains.

MicroStrategy fell 3.2% to $318, while Jack Dorsey’s Block fell around 2.3% to trade around $62.30.

2023 The Block Crypto, Inc. All rights reserved. This article is provided for informational purposes only. It is not offered or intended for use as legal, tax, investment, financial or other advice.

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