Crypto Stocks MicroStrategy, MARA, COIN Take a Beating as Market Stumbles

• MicroStrategy, MARA, and Coinbase saw sharp declines following Bitcoin’s sudden drop
• Despite the crash, Bitcoin stabilized at nearly $98,000, and crypto stocks are beginning to recover.
• Market conditions set the stage for the pullback.

Bitcoin’s (BTC) flash crash from its historic $100,000 milestone sent shockwaves through the market, leaving prominent crypto stocks reeling.

Among the hardest hit were MicroStrategy (MSTR), Marathon Digital Holdings (MARA), and Coinbase (COIN), which had been riding the wave of the market’s rally.

Crypto Stocks Tumble as Bitcoin’s Rally Stalls

MicroStrategy, widely considered a bellwether for crypto stocks, suffered a steep 15% drop, with MSTR price plunging from $445 to $379 as Bitcoin fell to $90,000.

Just last week, MSTR had reached an all-time high of $543 but has struggled to maintain its momentum, closing in the green only three times in the last ten days.

COIN , another major crypto stock, also faced turbulence.

Its stock price slid 10%, dropping from its yearly high of $349 to $315 in tandem with the broader market crash.

However, COIN has displayed signs of resilience, stabilizing near its yearly high and showing upward momentum despite the volatility.

Bitcoin mining firms were not spared in the downturn.

MARA’s (formerly Marathon Digital) stock plummeted 12%, from $28 to $24.77.

Riot Platforms (RIOT) , another major mining company, experienced a 13% decline. Its shares traded at $11.17, a 27% drop from its recent high of $14.97.

A Market Correction, Not a Cause for Panic

While the abrupt crash triggered widespread sell-offs, over $1.1 billion to be exact, market analysts view the correction as a natural part of Bitcoin’s bullish cycle.

For weeks, the market had been in a state of extreme greed, and open interest in Bitcoin futures had reached record highs, setting the stage for a sharp pullback.

At press time, Bitcoin had regained stability at $98,000, and many of the affected crypto stocks had begun to recover, suggesting the worst of the downturn may already be behind them.