Crypto stocks battered as Nasdaq enters correction in $17 trillion market rout
Crypto stocks plummeted Friday as Nasdaq entered correction territory amid a broad $17 trillion market rout driven by inflation fears and geopolitical uncertainty.Summary
Crypto stocks experienced significant losses on Friday, with Coinbase, Galaxy, and Gemini seeing steep declines, as weakness in U.S. equities spread to high-risk assets, pushing Bitcoin below $66,000. This selloff occurs as the tech-heavy Nasdaq 100 index enters correction territory, down over 10% from its January high, contributing to a roughly $17 trillion market capitalization wipeout from peak levels across major assets like tech stocks, gold, silver, and Bitcoin. The backdrop includes Federal Reserve officials expressing concerns over renewed inflation from rising oil prices and fragile labor markets due to the war in Iran, shifting investor expectations from rate cuts to potential hikes. This week followed a pattern of Monday gains followed by risk reduction ahead of the weekend amid ongoing geopolitical uncertainty.
(Source：CoinDesk)