With crypto markets crashing, crypto companies finished Monday lower overall, but miners were uneven, with a couple of outliers firming into the bell.
On Nov. 18, Bitcoin BTC $68 354 24h volatility: 0.5% Market cap: $1.37 T Vol. 24h: $36.11 B broke below $90k as risk appetite soured on rate-cut uncertainty, spilling into crypto-exposed equities.
U.S. spot BTC ETFs saw heavy net outflows in early mid-November, with $1 billion withdrawn over a week, removing a key bid from the market. Moreover, the hashprice has sunk to multi-month lows as price softens and difficulty stays elevated.
Among the major crypto players, the miner stocks were hit the hardest. However, the companies that invest in cryptocurrencies were also affected. Here’s how major stocks reacted to the recent crypto bloodbath.
Coinbase and Microstrategy: Who Suffered Most
Major crypto exchange Coinbase (COIN) closed on Nov. 17 at $263.95, which represents a 7.06% drop as selling broadened across crypto-exposed tech.
COIN typically benefits from heightened volatility via volumes, but when crypto prices reset sharply, valuation compression can dominate.
- Coinbase Shares Fall | Source: Google Finance
MicroStrategy / Strategy Inc. (MSTR) ended the day with $195.42 (2.17% drop), continuing its recent drawdown and tracking Bitcoin beta. However, Michael Saylor has reinstated his faith in Bitcoin, making yet another massive purchase of 8,178 BTC.
- MSTR Shares Fall | Source: Google Finance
Big BTC Mining Stocks Trade Sideways
Despite being hit the hardest by the lower Bitcoin price, major mining stocks closed differently on Nov. 17.
Group moves hinge on hashprice (BTC price multiplied by network difficulty vs. power costs). Firms with lower-cost power or diversified compute (AI and/or HPC) can diverge, helping explain Monday’s mixed closes:
- Marathon Digital (MARA): $11.51, −4%.
- Riot Platforms (RIOT): $13.88, -0.5%.
- CleanSpark (CLSK): $10.61, −3.19%.
- Hut 8 (HUT): $37.7, +2%, bucking the group’s weakness.
IREN (IREN): $47.41, +1.04%, another notable gainer on the day.
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