Crypto Stocks Plunge as Market Correction Hits

The cryptocurrency market is experiencing a correction period, and this has led to significant declines in the stocks of companies directly exposed to digital assets. Coinbase and Circle have seen their shares plummet by much more than several major American tech groups.

The decline in crypto stocks contrasts with the relatively limited drop in major stock indices. The S&P 500 index, for example, has only decreased by 3.5% compared to its recent peak.

According to available data, Coinbase's shares have lost 69% since their all-time high, while Circle's decline over the same period is even steeper at 72%. This compares to declines of between 48% and 57% for several major tech stocks such as Oracle, Salesforce, Netflix, and Palantir.

Bitcoin has also been affected by this correction, falling below $60,000. Its price has declined by 54% since its October peak, with Ether losing about 69% over the same period.