Crypto markets are currently experiencing significant turbulence amid ongoing macroeconomic uncertainties. Over the past month, the share prices of the ten leading cryptocurrency miners by market value have seen a steep decline, with many major crypto stocks firmly in negative territory as of Thursday.
Bitcoin miners faced particularly severe losses, with companies such as Bitdeer Technologies Group and Bitfarms witnessing drops of over 20% and 17% respectively. Cipher Mining also reported a substantial decline, falling 13%. Other industry leaders, including MARA Holdings—the miner holding the largest amount of Bitcoin—saw its shares drop by more than 10%. These declines coincided with Bitcoin’s price slipping below $99,000 for the first time since early May. The largest cryptocurrency by market capitalization recently saw a decrease of around 3% over the last 24 hours, trading at $99,371, which reflects a nearly 22% drop from its all-time high reached just over a month ago.
In conjunction with Bitcoin’s downturn, Ethereum and Solana, the second- and sixth-largest digital assets by market cap, also dropped approximately 7% each, reaching four- and five-month lows respectively. Other notable declines included Galaxy Digital, down over 12%, and trading platforms like Robinhood and Coinbase, which saw decreases of about 9% and 7% respectively. Furthermore, BitMine Immersion, the largest Ethereum treasury, experienced a nearly 10% fall, while Bitcoin-focused Strategy fell over 6%.
Major stock indexes have also turned red, indicating a broader market retreat. The Nasdaq and S&P 500, both significantly influenced by the technology sector, reported losses of 2.5% and 1.75%, respectively, suggesting a notable shift in investor sentiment away from tech stocks. Notably, these indices have held up better than cryptocurrencies in recent weeks, despite the recent conclusion of the longest government shutdown in U.S. history, which lasted until late Wednesday.
Adding to the market’s challenges, the Bureau of Labor Statistics missed its deadline to release the October Consumer Price Index data due to the shutdown’s impact on data collection processes. A consensus forecast from the Wall Street Journal suggested an expected rise of 3% in the CPI for the month on an annual basis, still notably above the U.S. central bank’s target of 2%. The Federal Reserve continues to navigate the complex landscape, showing caution around cutting interest rates due to persistent inflation while also weighing job market data that may warrant economic stimulus.
Recent data shows U.S. employers reported the loss of over 11,000 jobs weekly through late October, according to ADP’s estimates. Additionally, a Goldman Sachs report indicated a decline of 50,000 non-farm payroll jobs in the month of October.
In a stark reflection of market sentiment, a prediction market operated by Myriad suggests that 55% of participants anticipate Bitcoin will rebound to $115,000 without falling to $85,000—a slight downward shift of about 6% from previous expectations over the past 24 hours. This reflects the anxiety neighboring current economic conditions that continue to influence both crypto and traditional markets.
