Shares of crypto-linked stocks such as MARA Holdings Inc. MARA and Coinbase Global Inc. COIN traded lower Monday due to a sharp decline in Bitcoin BTC/USD prices, which dropped below $100,000 during broader market uncertainty.
What To Know: The weakness in the cryptocurrency market follows a dramatic sell-off in tech stocks, driven by fears of intensifying competition in artificial intelligence. China’s DeepSeek startup unveiled an open-source large language model that surpasses OpenAI’s ChatGPT at a significantly lower cost, shaking investor confidence in U.S. tech leaders heavily invested in AI.
The sell-off led to a significant drop in the Nasdaq 100, down 3%, and heavy losses in semiconductor stocks, with NVIDIA Corp. NVDA seeing its worst day since March 2020, erasing $450 billion in valuation. The broader tech downturn spilled into cryptocurrency markets, with Bitcoin losing $110 billion in market capitalization within hours.
The decline in Bitcoin’s value may have directly impacted the performance of crypto-linked stocks like Coinbase and MARA, which are highly sensitive to fluctuations in the cryptocurrency market.
Price Action: MARA shares closed down 8.53% at $18.29 and Coinbase Global shares closed down 6.64% at $278.21 at publication Monday, according to Benzinga Pro.
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