Bitcoin (BTC) Price Slips Below $56K as Crypto Weakness Continues; Coinbase (COIN) Falls to 7-Month Lows
Recent market turbulence has seen a notable decline in crypto-focused stocks, with industry giants like Coinbase, Marathon, and Riot Platforms experiencing losses.
Leading the downward trend is Coinbase (COIN), one of the largest crypto exchanges in the world. The stock declined by 1%, briefly falling below $160 for the first time since February. This drop was particularly significant as it took out the previous lows seen during the early August crash, which was triggered by the unwind of the Japanese yen carry trade.
Meanwhile, large-cap bitcoin miners Marathon (MARA) and Riot Platforms (RIOT) also saw their share prices plummet. Marathon was down by 4%, while Riot Platforms experienced a 2% decline.
As the market continues to navigate through uncertain times, the performance of crypto-focused stocks remains a key area of interest for investors and analysts alike.
