Bitcoin fell over 3% to nearly $65,000 on Friday, trading near half its all-time high as broader stock markets declined. Major cryptocurrencies like Ethereum and Solana followed Bitcoin lower, while crypto-related stocks such as CoreWeave saw sharp drops; Block Inc. was a notable exception, surging 14% after announcing significant AI-related staff cuts.
Bitcoin dropped more than 3% on Friday to nearly $65,000, erasing gains from a mid-week peak above $69,000. The S&P 500 fell 0.7% and the Nasdaq slipped 1.15% on the same day, while gold enjoyed a 1.4% increase.
At the time of writing, Bitcoin was changing hands for $65,222, according to crypto price aggregator CoinGecko. The leading cryptocurrency has been trading for nearly half its all-time high price of $126,080 for much of the past week.
Analysts at Tokyo-based crypto exchange Bitbank noted the fading momentum, “After reaching the $70K psychological level, upside momentum faded.” They observed that Bitcoin has since traded in a narrow range in the mid-to-high $60,000 area.
Other major cryptocurrencies declined in line with Bitcoin. Ethereum dropped more than 5% to $1,918, while XRP fell about 4% to $1.35 and Solana dipped over 5% to $81.50.
Crypto-related stocks faced significant pressure. CoreWeave stock dropped 21% to $76.92 after analysts at Macquarie slashed their price target from $115 to $90, citing missed earnings and substantial future investment needs.
Ethereum treasury firms also declined, with BitMine Immersion Technologies shares falling 7.3% and Sharplink dropping 6.7%. In contrast, Block Inc. bucked the trend, surging nearly 15% after the company announced a 40% staff cut in a pivot to rely more on AI.
