Crypto Stocks Plummet as Bitcoin Price Dives Below $60,000

Crypto-related stocks are falling much faster than the broader US market, according to The Kobeissi Letter. This widening gap is tied to a combination of macro pressure and sector-specific risk.

The report points out that Coinbase and Circle shares have declined by 69% and 72%, respectively, from their all-time highs. These declines outpace drops seen in several large technology names, such as Oracle, Salesforce, Netflix, and Palantir, each down between 48% and 57% from peak levels.

The S&P 500 has retreated about 3.5% from its recent high, while Bitcoin's drop below $60,000 and Ether sliding toward $1,500 have intensified selling across the sector. The report also highlights that corporate earnings stress is compounding the downturn, with Coinbase missing Wall Street expectations in its latest quarterly report.