Crypto stocks tumbled Friday as weakness in U.S. equities spilled into high-risk assets, pushing bitcoin BTC $67,360 below $66,000. The move continues a familiar pattern since the Iran conflict began, with early-week gains often fading by week’s end.
Exchanges took heavy losses: Coinbase (COIN) and Galaxy Digital (GLXY) fell nearly 7%, Gemini (GEMI) dropped almost 9%, and Robinhood (HOOD) declined 6% despite accelerating its stock buyback. Bitcoin-focused balance sheet plays also slid, with MicroStrategy (MSTR) and Twenty One Capital (XXI) down about 6%, while Ethereum-linked names like Bitmine Immersion (BMNR) and Sharplink Gaming (SBET) fell roughly 5%.
Miners, many leveraged to both bitcoin and AI infrastructure, extended declines. Riot Platforms (RIOT), CleanSpark (CLSK), IREN (IREN), HIVE Digital (HIVE), and Hut 8 (HUT) lost 5%–8%. MARA (MARA) and Bitdeer (BTDR) gave back Thursday gains, dropping 6% and 8%, respectively.
The Federal Reserve faces a challenging backdrop, balancing inflation pressures from rising oil prices against signs of a weakening labor market. Richmond Fed President Tom Barkin warned higher gas costs could curb consumer spending, while Philadelphia Fed President Anna Paulson highlighted “new risks to both inflation and growth” from the Iran conflict.
Treasury yields swung sharply: the 10-year touched 4.5% before retreating, and the two-year fell to 3.91%, reflecting sensitivity to Fed policy. Markets have broadly declined, with roughly $17 trillion erased from the tech-heavy “Magnificent Seven,” bitcoin, gold, and silver. Bitcoin is down around 45% from its October peak of $126,000, silver 45%, gold 20%, and major tech stocks are deep in double-digit drawdowns. The Nasdaq 100 has entered correction territory, while the S&P 500 nears one at -8.5%.
The week’s pattern remains familiar: early gains on Monday fade as investors trim risk amid ongoing geopolitical uncertainty, leaving late-week losses in their wake
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