Crypto Stocks Drop as Bitcoin and Altcoins Face Sell Pressure
Crypto-related stocks fell in pre-market trading on Monday, triggered by intense sell pressure on bitcoin (BTC) and several altcoins, resulting in $1.6 billion in liquidations across derivatives exchanges.
- Coinbase (COIN) decreased by 3%.
- MicroStrategy (MSTR) declined by 2.3%.
- Mara Holdings (MARA) and Metaplanet (TYO: 3350) each lost more than 3%.
Crypto treasury companies faced even tougher losses:
- Solana-focused Forward Industries (FORD) dropped 5%.
- ETH-focused BitMine (BMNR) fell by 3.9%.
The decline follows a difficult weekly opening for crypto markets in Asia:
This downturn comes after a previous gain due to the Federal Reserve's decision to cut interest rates by 25 basis points. The reversal led to widespread liquidations, with $500 million worth of ETH positions unwound in the past 24 hours, as reported by CoinGlass.