Crypto stocks sank Friday as weakness in U.S. equities spread to high-risk assets, driving bitcoin BTC $67,360 below $66,000. The decline follows a recurring pattern since the Iran conflict began, where early-week gains often reverse by week’s end.
Exchange operators were hit hard: Coinbase (COIN) and Galaxy Digital (GLXY) fell nearly 7%, Gemini (GEMI) dropped 9%, and Robinhood (HOOD) declined 6% despite an accelerated stock buyback. Bitcoin-linked balance sheet plays also slid, with MicroStrategy (MSTR) and Twenty One Capital (XXI) down about 6%, and Ethereum-focused treasuries like Bitmine Immersion (BMNR) and Sharplink Gaming (SBET) down roughly 5%.
Miners extended losses, with Riot Platforms (RIOT), CleanSpark (CLSK), IREN (IREN), HIVE Digital (HIVE), and Hut 8 (HUT) all down 5%–8%. MARA (MARA) and Bitdeer (BTDR) gave back Thursday gains, dropping 6% and 8%, respectively.
The Federal Reserve faces a complex backdrop, balancing rising oil-driven inflation against signs of labor market weakness. Richmond Fed President Tom Barkin warned higher gas prices could curb spending, while Philadelphia Fed President Anna Paulson said the Iran conflict adds “new risks to both inflation and growth.”
Treasury yields were volatile, with the 10-year briefly hitting 4.5% before retreating, and the two-year falling to 3.91%, reflecting Fed sensitivity. Markets have broadly declined, with roughly $17 trillion wiped from the tech-heavy “Magnificent Seven,” bitcoin, gold, and silver. Nasdaq 100 has entered correction territory, while the S&P 500 nears one at -8.5%.
The week follows a familiar pattern: early gains fade as investors trim risk amid ongoing geopolitical uncertainty, leaving late-week losses.
