Coinbase, Circle Deepen Crypto Stock Losses Despite Resilient S&P 500

A broad selloff in technology stocks has hit crypto-focused companies particularly hard. Shares of Coinbase and Circle have fallen 69% and 72%, respectively, from their all-time highs, larger drops than those seen at Oracle, Salesforce, Netflix and Palantir, which are down between 48% and 57%.

By comparison, the large-cap S&P 500 has retreated just 3.5% from its recent high. The pullback reflects concerns that advances in artificial intelligence could disrupt business models across parts of the sector. Semiconductor stocks have generally held up better, while crypto-related equities remain pressured amid weakness in digital asset markets and uneven progress on comprehensive crypto market structure legislation in the United States.

Negative sentiment intensified after Bitcoin fell below $60,000 this week, extending its decline to more than 54% from its October peak. Ether has also been under heavy selling pressure, recently trading around $1,500, roughly 69% below last year's high.

United States

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