Crypto stocks drop in pre-market as trade tensions destroy markets
The post Crypto stocks drop in pre-market as trade tensions destroy markets appeared on BitcoinEthereumNews.com.
U.S. crypto stocks are set for a lower open on April 7 as Trump-led trade tensions drove a broad market sell-off. Investors reacted to renewed concerns over U.S. tariffs and possible Chinese retaliation, pushing equity futures sharply down at the open. Bitcoin (BTC) fell below $75,000 over the weekend, dragging down crypto-linked equities. Strategy, which holds over 214,000 BTC, reported a $5.91 billion unrealized loss on digital assets for the first quarter. Despite the loss, the company made no additional Bitcoin purchases during the quarter. Shares of MicroStrategy were down 9% in pre-market trading at $266.34 after declines in the first quarter of 2025. Crypto stocks reaction Coinbase also traded lower as weaker Bitcoin prices pressured volumes on the exchange. Pre-market trading showed a decline to $148.90, down by 11.65 (7.26%). Last week, Cathie Wood’s Ark Invest added a total of 83,157 Coinbase shares, worth about $13.4 million at current prices, across three of its ETFs on Friday. Coinbase’s stock has dropped approximately 5% over the last week and seems poised for further declines. Marathon Digital Holdings experienced a similar decline in share price. The Bitcoin miner’s shares fell pre-market by 10.12, a drop of 1.18 (10.44%). Investors seemed to assess the company’s exposure to Bitcoin mining differently than those with direct token holdings. Riot Platform’s stock is currently at 6.54 in pre-market trading, reflecting a decrease of 0.60, or 8.40%.. Robinhood’s stock is at 30.88, down 3.63, or 10.52%. These stock prices come as Bitcoin’s mining hashrate surpassed 1 Zetahash per second, marking a 1000X increase since January 2016. U.S. miners are faced with shrinking profits and higher equipment costs. These dips also come as part of a broader risk-off shift following concerning downturns in major stocks across Asian, European, and American markets in response to President Donald Trump’s…
Filed under: News - @ April 7, 2025 6:19 pm