Major US cryptocurrency-related equities faced significant declines as shares of Coinbase, Riot Platforms, and CleanSpark fell between 7% and 16% during a broad market sell-off. The downturn was fueled by disappointing US jobs data and global tariff concerns.
New employment figures from the US Bureau of Labor Statistics showed only 73,000 jobs created last month, falling short of the anticipated 100,000 gains. This shortfall complicated the Federal Reserve’s path toward potential interest rate cuts, amplifying economic uncertainty across risk-sensitive assets.
Bitcoin’s retreat below $115,000 from recent highs near $120,000 compounded losses for crypto equities, which commonly act as leveraged proxies for Bitcoin price movements. Even Coinbase’s $1.5 billion quarterly revenue failed to prevent declines as investors focused on tumbling transaction volumes.
The convergence of sluggish economic indicators and cryptocurrency volatility triggered widespread de-risking behavior, highlighting crypto stocks’ heightened sensitivity to macroeconomic turbulence and Bitcoin market fluctuations.