Crypto Equities Plummet as Bitcoin Falls Below $60,000

Crypto-related equities are experiencing significant declines, far surpassing those in the broader US market. According to The Kobeissi Letter, shares of Coinbase and Circle have dropped by 69% and 72%, respectively, from their all-time highs. These drawdowns outpace those seen in major technology companies like Oracle, Salesforce, Netflix, and Palantir, which are down between 48% and 57% from peak levels.

The S&P 500 has retreated about 3.5% from its recent high. Investor pressure is tied to both broader risk-off moves and weaker digital asset markets, as well as policy uncertainty in the US. Bitcoin's drop below $60,000 and Ether sliding toward $1,500 have intensified selling across the sector.

Corporate earnings stress has compounded the downturn, with Coinbase missing Wall Street expectations in its latest quarterly report. Despite continued institutional activity, 21Shares says crypto's four-year market cycle remains a key driver of prices into 2026.