Key Takeaways
- Shares of Mara Holdings, Strategy, and several other companies tied to cryptocurrencies fell Friday, along with the price of Bitcoin.
- Stocks were broadly lower Friday after inflation and consumer sentiment data raised concerns about the state of the economy.
- The price of Bitcoin surged in the wake of Donald Trump’s reelection on expectations of a friendlier regulatory environment, though the cryptocurrency lost some of those gains in recent weeks.
Shares of Mara Holdings (MARA), Strategy (MSTR), and several other companies tied to cryptocurrencies fell Friday along with the price of Bitcoin (BTCUSD).
Mara Holdings plunged 9%, Strategy dropped 10%, and Coinbase (COIN) fell 7%, as Bitcoin slid about 4% to just over $83,700 in recent trading. Ethereum (ETHUSD) and other popular cryptocurrencies also lost ground Friday.
Stocks closely tied to the crypto industry often follow the price of Bitcoin higher or lower. The cryptocurrency and stocks fell Friday alongside the broader market, as the latest inflation and consumer sentiment data raised concerns about the state of the economy.
The price Bitcoin surged in the weeks following Trump’s election on expectations of a friendlier regulatory environment, surpassing $100,000 for the first time in December and setting a record high above $109,000 on the day of his inauguration. However, the cryptocurrency has fallen in recent weeks amid uncertainty over the economic impact of Trump’s tariffs.
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