%Cryptocurrency stocks are moving sharply lower as the price of %Bitcoin (CRYPTO: $BTC) falls below the key support level of $110,000 U.S.
Shares of leading crypto companies such as %Coinbase Global (NASDAQ: $COIN), %CircleInternetGroup (NYSE: $CRCL), and %Strategy (NASDAQ: $MSTR) are each down more than 5% in the past week as a broad-based selloff in digital assets continues.
The stock of stablecoin issuer Circle has plunged 13% in the past five trading sessions.
The declines come with Bitcoin trading at $109,500 U.S., its lowest level since early July and down from an all-time high of just over $124,000 U.S. reached earlier in August.
%Ethereum (CRYPTO: $ETH), the second largest cryptocurrency after Bitcoin, is trading at $4,400 U.S. after notching a record high of just under $5,000 U.S. on Aug. 22.
The pullback in crypto prices comes as investors turn risk averse and exchange-traded funds (ETFs) that track the spot prices of BTC and ETH see big outflows.
Analysts say investors are growing skittish with stocks near all-time highs and valuations stretched.
Investors also appear to be hedging their bets ahead of the financial results of chipmaker %Nvidia (NASDAQ: $NVDA) that are due out after markets close on Aug. 27.
Market observers are debating whether the current decline in cryptocurrencies is a healthy consolidation or the start of a more worrisome correction.
Bitcoin is now up 17% in 2025, while Ethereum’s price has gained 36% year-to-date.
