On October 1, 2024, Bitcoin-related stocks experienced significant declines, with major miners like Marathon Digital (MARA), Bitdeer (BTDR), Hut 8 (HUT), and CleanSpark (CLSK) dropping between 5% and 10%. The cryptocurrency exchange Coinbase (COIN) also fell over 6%, while MicroStrategy (MSTR) decreased by more than 3% as trading neared its close.
Traditional markets reflected a broader trend of instability, with U.S. equity indexes remaining flat for most of the day before declining later. Key European markets saw sell-offs of 1% to 2%. In Japan, newly appointed Prime Minister Shigeru Ishiba emphasized the need for accommodative monetary policy, following a surprising elevation that led to a 5% drop in the Nikkei index.
The downturn in cryptocurrency stocks may indicate growing concerns among investors regarding the stability of the crypto market, particularly in light of regulatory uncertainties and economic shifts in major markets.