Coinbase, MicroStrategy, Marathon Stocks Buckle 5%-10% as Bitcoin Tumbles Below $42K

A "flash crash" in thin trading Sunday evening, saw bitcoin's price plunge nearly 10% from the $44,000 level in the space of a few minutes.

AccessTimeIconDec 11, 2023 at 4:46 p.m. UTC
Updated Jan 24, 2024 at 1:42 a.m. UTC

Shares of cryptocurrency-related companies were sharply lower Monday following bitcoin's (BTC) swift overnight drop.

MicroStrategy (MSTR), which holds nearly 175,000 BTC in its treasury, is lower by 6%, while crypto exchange Coinbase (COIN) was down over 5%.

Nasdaq-listed bitcoin miners Marathon Digital Holdings (MARA), Riot Platforms (RIOT), Hut 8 (HUT) and CleanSpark (CLSK) suffered even steeper losses of 10%-15% in late-morning Monday action.

The price drop followed a swift correction in crypto markets Sunday evening, with BTC dropping nearly 10% from the $44,000 level in the space of a few minutes in what might be termed a "flash crash." At press time, bitcoin was trading at $41,700, down about 5% over the past 24 hours. The CoinDesk Market Index (CMI), a basket of almost 200 crypto assets, was also down 5%, highlighting the broad-market negative day.

Even with today's losses, crypto stocks have still staged a massive recovery in 2023.

Several companies' shares have more than doubled since the start of the year, fueled by the crypto market rally, declining interest rates and heightened anticipation for a potential regulatory approval of a spot bitcoin exchange-traded fund (ETF) approval in the U.S.

Edited by Stephen Alpher.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Krisztian  Sandor

Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.