Coinbase and MicroStrategy Plunge 5% Amid Crypto Carnage

Major cryptocurrency-native stocks have tumbled in tandem with Bitcoin during an all-out market carnage. 

MicroStrategy (MSTR) and Coinbase (COIN) both plunged by more than 5% during the Friday trading session. 

The shares of major cryptocurrency mining companies, including Bitfarms (BITF), Riot Platforms (RIOT), and other companies have also tumbled. 

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Fri, 12/20/2024 - 11:40

Bitcoin ETFs Witness Largest Outflow in History

Gamza Khanzadaev

Bitcoin has nosedived  

Earlier today, the price of Bitcoin collapsed to an intraday low of $92,245, according to CoinGecko data. 

The flagship cryptocurrency is currently changing hands at $97,022 after paring some losses. 

As reported by U.Today, the cryptocurrency market took a severe beating after the Fed indicated that it would scale back easing in 2025.   

Just three days ago, the leading cryptocurrency reached a new all-time high of $108,135. However, risk assets plunged after the market started anticipating fewer rate cuts next year. 

Massive ETF outflows 

Still, this is a relatively small correction compared to previous cycles. Earlier this month, CryptoQuant CEO Ki Young Ju noted that Bitcoin's drawdowns were significantly smaller during the ongoing bull run due to sufficient buying from exchange-traded funds (ETFs) and institutions. 

That said, the recent market mayhem also took its toll on the flows of Bitcoin ETFs. On Thursday, these products recorded their biggest outflows to date ($671.9 million). The second-worst day for Bitcoin ETF was recorded on May 1. Back then, these products lost a total of $563 million. Notably, these outflows were also triggered by a hawkish Fed rate decision that caught investors off guard.