In recent trading sessions, the cryptocurrency market has witnessed significant turbulence, with Circle experiencing a notable downturn. The stablecoin issuer saw its price close at $69.72, marking a decrease of nearly 9% for the day after initially dipping below $69—the lowest level since its debut on June 5. This trend reflects broader market challenges, as major cryptocurrencies like Bitcoin and Ethereum continued their downward trajectories.
In line with these declines, investments in crypto-related stocks also suffered. Strategy, which holds the world’s largest crypto treasury, fell nearly 10%, while Ethereum-focused Bitmine Immersion decreased by 9.6%. Similarly, Sharplink Gaming, which tracks Ethereum, dropped over 6%. These declines occurred even as tech stocks showed some resilience, particularly after Nvidia reported strong third-quarter earnings—a development that briefly bolstered confidence in the markets.
Bitcoin was trading at approximately $92,000, experiencing a 2.7% drop within a 24-hour period. Notably, it fell below $88,600 during trading hours for the first time since late April. Currently, Bitcoin’s price is down 4% for the year, following a record high above $126,000 just six weeks ago. Ethereum also reported a decrease of 2%, while witnesses drops in other major cryptocurrencies: XRP fell by 4% and Solana by 2%. This trend continues despite the anticipated listing of three new exchange-traded funds (ETFs) that track these assets.
The mining sector faced its own challenges; major companies like MARA Holdings, Riot Platforms, and CleanSpark saw their shares plunge between 4% and 6.5%. These firms have been adapting to the heightened demand for robust computing resources for artificial intelligence systems. However, post-Nvidia earnings, there was a slight recovery in their share prices, though they have collectively fallen more than 40% over the past month.
Coinbase also joined the list of companies in decline, dropping 1.8%. In a notable development, the exchange hinted at the potential launch of a prediction market, suggesting a strategic pivot. On a more positive note, Robinhood Markets managed to record a 3.3% rise in its shares, and Galaxy Digital barely moved up by 0.7%.
Amid this market turbulence, confidence in cryptocurrency continues to weaken. Recent surveys indicated that almost 70% of respondents expect Bitcoin to decrease to $85,000, while the remainder forecast a rise to $115,000—indicating a shift in sentiment from just a week earlier. Przemysław Kral, CEO of the crypto exchange Zondacrypto, shared his perspective, stating there is potential for Bitcoin’s price to decline further amid increasing economic uncertainty and diminishing expectations regarding interest rate cuts by the Federal Reserve.
