Crypto stocks tumble alongside BTC, equities as tariff fears resurface
Shares of Coinbase, Riot Platforms and CleanSpark plunged amid a broader market sell-off driven by weak jobs data, inflation concerns and renewed tariff threats.
Shares of US crypto companies fell sharply on Friday amid a broader sell-off in risk assets, driven by disappointing economic data and renewed tariff threats.
Shares of Coinbase (COIN), Riot Platforms (RIOT) and CleanSpark (CLSK) dropped between 7% and 16% in Friday trading. The declines mirrored broader market weakness, with the Dow Jones Industrial Average losing over 600 points, the S&P 500 falling 1.6% and the Nasdaq Composite down more than 2% in early trading.
Coinbase’s losses extended a sell-off that began after hours on Thursday, following the company’s disappointing quarterly results. The crypto exchange reported $1.5 billion in revenue for the second quarter, but transaction volumes fell, weighing on results.