- Bitcoin fell over 3% to near $65,000 on Friday, trading close to half its all-time high of over $126,000.
- The crypto stock slump was underscored by a more than 20% drop in CoreWeave after a major price target cut by Macquarie.
- Block Inc. defied the market trend, surging 14% after announcing a significant workforce reduction tied to an AI pivot.
- Major altcoins like Ethereum and Solana declined in line with Bitcoin’s drop, while Gold saw a safe-haven bump to $5,268.
Bitcoin’s brief rebound attempt stalled Friday as the cryptocurrency dropped more than 3% to trade near $65,000, according to crypto price aggregator CoinGecko. This decline occurred alongside a broader dip in U.S. stock indices during Friday’s trading session. The leading digital asset has consequently been trading for nearly half its record price of $126,080 for much of the past week.
Market analysts pointed to a lack of new catalysts as Bitcoin’s momentum faded after reaching the $70,000 psychological level. “Since Thursday, in the absence of fresh catalysts, BTC has traded in a narrow range in the mid-to-high $60K area,” wrote analysts at Bitbank in a note shared with Decrypt. Other major cryptocurrencies mirrored the downturn, with Ethereum falling over 5% and Solana dipping more than 5%.
Meanwhile, the slide extended to related equities, hitting crypto stocks particularly hard. CoreWeave shares plunged 21% to $76.92 after Macquarie analysts slashed their price target from $115 to $90. They cited missed earnings and the need for significant future investment, noting in a research note that “execution at this scale could be choppy.”
Consequently, other crypto-adjacent firms like BitMine Immersion Technologies and Sharplink also saw their share prices decline. However, Block Inc. bucked the trend entirely, its stock surging nearly 15% after the company announced a 40% staff reduction. This drastic cut is part of a strategic pivot to rely more heavily on Artificial Intelligence.
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