TLDR
- Bitcoin’s price fell 6% to below $84,000, leading to significant declines in crypto stocks.
- Coinbase dropped 7% on Thursday and is down 17% year-to-date, marking its longest losing streak since September 2024.
- Gemini’s stock also saw an 8% decline on Thursday and a 21% drop year-to-date.
- Spot trading volumes across crypto exchanges in January plummeted to $900 billion, down from $1.7 trillion last year.
- Bitcoin miners like Hut 8 and CleanSpark posted year-to-date gains, despite the broader market slump.
Crypto stocks faced steep declines on Thursday as bitcoin fell 6% to drop below $84,000. The pullback in prices has affected major exchanges and platforms, including Coinbase and Gemini, both of which saw heavy losses. Spot trading volumes across exchanges also decreased sharply, marking a rough start to 2026 for the crypto sector.
Coinbase and Gemini Hit Hard as Bitcoin Struggles Below $84,000
Coinbase, the largest publicly traded crypto firm, dropped 7% on Thursday, extending its losses to 17% year-to-date. The stock now trades at $195, a level not seen since May 2025. With the price of bitcoin stuck near $85,000, the market appears cautious, and trading activity remains slow.
Gemini, another major crypto exchange, also took a hit, down 8% on Thursday and 21% year-to-date. As bitcoin struggles to gain momentum, Gemini faces lower demand for trading services. The exchange, along with Coinbase, is feeling the effects of stagnant prices and reduced market activity.
Crypto Stocks Struggle as Trading Volume Slows
The overall market decline is not limited to exchanges like Coinbase and Gemini. Other platforms such as Bullish and Circle also reported sharp drops of 16% and 20% year-to-date, respectively. The broader crypto sector is experiencing a challenging period as bitcoin’s price stays below the critical $85,000 level.
Spot trading volumes in January were just $900 billion, a stark contrast to the $1.7 trillion seen last year. Data from TheTie highlights the ongoing bear market, with trading activity significantly reduced across crypto exchanges. The drop in trading volume signals investor hesitation and a cautious outlook for the sector.
Bitcoin Miners Find Opportunity Amid Market Slump
Despite the downturn in the crypto market, some bitcoin miners have found success. Companies like Hut 8, IREN, CleanSpark, and Cipher Mining have managed to stay positive with year-to-date gains. These firms have shifted their focus away from traditional crypto activities and capitalized on the growing demand for data services tied to the AI boom.
Galaxy Digital, Mike Novogratz’s crypto merchant bank, also managed to outperform, though it experienced losses on Thursday. The company has expanded into data centers, which have become increasingly relevant amid the AI sector’s growth.
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