Crypto Stocks Slide as Bitcoin Falls Below $110,000
Crypto-related stocks came under pressure on Thursday, October 16, as Bitcoin slipped back under the $110,000 mark, sending ripples through the broader crypto market.
Shares of major mining and blockchain firms — including Marathon Digital (MARA), Riot Platforms, and Bitfarms — dropped between 10% and 14%, mirroring Bitcoin’s latest retreat.
Bitcoin Drops as Market Turns Risk-Off
Bitcoin fell to around $107,642, extending this week’s pullback after briefly climbing above $115,000 earlier in the week. The dip came as global markets wobbled, with investors reacting to renewed U.S.-China trade tensions and concerns over a government shutdown in Washington.
Bitcoin had already fallen below $105,000 on October 10, wiping out more than $19 billion in leveraged positions before bouncing back. But the recovery proved short-lived, and Thursday’s downturn hit crypto-linked stocks hard.
“When Bitcoin sneezes, mining and treasury-heavy firms usually catch a cold,” one analyst noted, pointing to the tight link between BTC’s price and public company valuations.
Crypto Miners Lead the Decline
Bitfarms (BITF) led losses, plunging over 14% to around CAD 7.75 by midday trading.
Marathon Digital (MARA) dropped 11% to $20.28, while Riot Platforms (RIOT) slid nearly 10%, trading near $20 per share.
Other crypto-exposed names also stumbled:
- Hut 8 Mining (HUT) fell 6% to $50.77
- MicroStrategy (MSTR), the largest corporate Bitcoin holder, slipped 3.5% to $286.47
- Circle Internet Group (USDC issuer) was down 3.8% at $129.37
- Coinbase (COIN), the top U.S. crypto exchange, edged 0.9% lower to $333
Macro Headwinds Weigh on Sentiment
Traders pointed to macro uncertainty as a key factor behind the pullback. The combination of trade tensions, fiscal uncertainty, and slower economic data has dampened risk appetite across both equities and crypto.
Even so, optimism remains among crypto bulls who expect potential Federal Reserve rate cuts to support digital assets in the coming months.
For now, the crypto market’s short-term direction looks tied to Wall Street’s moves — with Bitcoin’s next breakout likely hinging on broader risk sentiment.
