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$BTC Plunges Below $87K as Crypto Weakness Worsens :
The curse of the U.S. trading session — in which bitcoin tends to fall as American stocks trade — has hit yet again.
What to know:
Crypto assets started the week lower, with bitcoin sliding back to $86,800 and ether to $3,000.
The price action continues a definite pattern in which crypto performs far worse during U.S. trading hours than the rest of the day.
Crypto stocks also took a hit, with Strategy and Circle both 7% lower on the day. Coinbase fell more than 5%, while crypto miners CLSK, HUT, WULF plunged over 10%.
Major cryptocurrencies fell during U.S. morning hours Monday, continuing a now crystal-clear pattern of relative poor performance while American stocks trade.
Trading fairly flat just below $90,000 overnight, bitcoin
BTC 86,980.90 plunged to $86,800 in mid-morning U.S. trade.
"Since the iShares Bitcoin ETF IBIT began trading, had you only owned it after hours (buy the close, sell the next open), it's up 222%," noted Bespoke Investment. "Had you only owned intraday (buy the open, sell the close), it's down 40.5%."
Crypto stocks also started the week significantly lower with both Strategy (MSTR) and Circle (CRCL) both down about 7%. Coinbase (COIN) fell more than 5% while trading platforms Robinhood (HOOD) and eToro (ETOR) faced smaller declines of about 2%. Brokerage Gemini (GEMI), which soared late last week on approval for adding prediction markets to its offerings, pulled back 10% Monday.
Crypto miners, many closely attached to the data center infrastructure theme that took a hit last week amid artificial intelligence jitters, continued their downward trajectory. CleanSpark (CLSK), Cipher Mining (CIFR), Hut 8 (HUT) and TeraWulf (WULF) all logged over 10% declines.
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