Coinbase, Strategy and Circle shares fall about 10% as the Wall Street rout deepens and bitcoin drops to about $75,700

The stock market selloff that hit bitcoin this morning widened through the afternoon, and crypto-linked shares took some of the heaviest losses. The Block reported that, as of 2 p.m. Eastern, the Nasdaq Composite was down 4.7% and the S&P 500 and Dow Jones Industrial Average were each down about 3%, with the VIX volatility index up about 60%. TheStreet, citing the Associated Press, said the S&P 500 was on track for its worst session since April 2025.

At midday TheStreet put Coinbase down 10.3%, Strategy down 10.1% and Circle down 11.8%. TheStreet said investors were reassessing AI spending and weighing possible scrutiny of data centers under a Democratic-controlled Congress. Bitcoin's intraday low was $75,568, The Block said, and CoinGlass counted nearly $1.1 billion of liquidations over 24 hours, though The Block noted public data may understate the true figure.

Wintermute said Wednesday's rally reflected relief over the Binance hack, election enthusiasm, hopes for slower AI spending and falling oil prices, and that those factors were short-lived. Its OTC trader De Maere said, "Trump is still the president for two years." Wintermute named $73,000 and then $68,000 as the next downside levels, and said bitcoin would need to reclaim and hold $80,000 before its view turned more positive.