Bitcoin (BTC-USD) staged a modest intraday recovery Monday following a sharp selloff over the weekend, but that wasn’t enough to stop shares of crypto exchange Coinbase Global (COIN), bitcoin treasury giant Strategy (MSTR), stablecoin issuer Circle Internet Group (CRCL) and many other crypto-tied stocks from kicking off the week in the red.
The price of BTC plunged to as low as $74.6K on Feb. 1, before rebounding to $78.7K in Monday afternoon trading, up 2.6% in the last 24 hours. The swings came on the heels of another week of outsized outflows from crypto investment funds, as BTC sits around 40% below its record high in October.
Among some worst-hit crypto-related stocks at press time are Coinbase (COIN) -3%, Strategy (MSTR) -2.6%, Circle Internet (CRCL) -4.7%, HIVE Digital Technologies (HIVE) -9.7%, MARA Holdings (MARA) -2.5%, CleanSpark (CLSK) -4.9%, Bakkt (BKKT) -7.8%, Bitmine Immersion Technologies (BMNR) -7.2%, SharpLink Gaming (SBET) -9%, Robinhood Markets (HOOD) -8.9%, Galaxy Digital (GLXY) -4.6% and Gemini Space Station (GEMI) -4%.
That’s despite a positive reversal across Wall Street’s major averages, as market participants continued to digest U.S. President Donald Trump’s pick of former Federal Reserve governor Kevin Walsh as his nominee to lead the central bank.