Crypto stocks sank across the board Tuesday as bitcoin (BTC-USD) dropped below $90,000 for the first time since November. Crypto heavyweights Strategy (MSTR) and Coinbase (COIN) led the declines.
Strategy (formerly known as MicroStrategy), the largest corporate holder of bitcoin, dropped 11.4%, extending the prior day’s roughly 6% decline. Crypto exchange platform Coinbase sank 6.4% while crypto mining companies Riot Platforms (RIOT) and Marathon Digital (MARA) fell 6.7% and 10.6%, respectively.
Those declines were driven by bitcoin’s plummet Tuesday, falling more than 6% to just over $88,000, its lowest level since November. The cryptocurrency is down nearly 16% over the past month, reversing direction after a massive rally following the election of US President Donald Trump. Trump’s crypto-friendly stance sent bitcoin above $100,000 last December. In January, it hit a record high of more than $109,000.
But macroeconomic uncertainty surrounding US interest rates and Trump’s tariff policies has fueled fears of inflation staying higher for longer, pressuring stocks across the board. And industry controversy has pressured crypto stocks in particular: The crypto exchange Bybit fell prey to the largest crypto heist in history last week, with hackers stealing $1.5 billion in digital assets. Trump’s and first lady Melania’s recently launched meme coins have also crashed.
Bitcoin’s declines Tuesday were mirrored by other cryptocurrencies. Ether (ETH-USD) fell 10% while Solana (SOL-USD) dropped nearly 13% early in the day.
Leading crypto stock Strategy was one of the biggest losers of bitcoin’s drop. The company said Monday that it had purchased an additional $2 billion in bitcoin, meaning it has spent more than $33 billion buying up the cryptocurrency since 2020 and now owns roughly half a million bitcoins.
Laura Bratton is a reporter for Yahoo Finance. Follow her on Bluesky @laurabratton.bsky.social. Email her at laura.bratton@yahooinc.com.
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