Stocks associated with cryptocurrencies are getting crushed amid a global rout in equity markets and among digital coins and tokens.
Invest with Confidence:
- Follow TipRanks' Top Wall Street Analysts to uncover their success rate and average return.
- Join thousands of data-driven investors – Build your Smart Portfolio for personalized insights.
The stocks of Bitcoin (BTC) miners that help to power artificial intelligence (AI) ventures are getting particularly hard hit, with shares of Core Scientific (CORZ) down nearly 33% on the day and Terawulf (WULF) down 32%.
Shares of other stocks associated with crypto, such as Coinbase Global (COIN) and MicroStrategy (MSTR), are each down 10%. The selloff in crypto stocks comes as the price of Bitcoin falls below the key level of $100,000 amid a broad decline in technology stocks.
Crypto Selloff
Bitcoin is down 5% and trading at $99,400 amid a market rout that has the technology-laden Nasdaq Composite index down 700 points or 3.5%. The panic in equity markets has been sparked by the emergence Chinese AI model DeepSeek, which was reportedly created in two months at a cost of only $6 million.
The cheap cost of DeepSeek has raised concerns about the billions of dollars U.S. technology companies are spending to develop AI models and data centers. Other cryptocurrencies are suffering steeper losses than Bitcoin, with Solana (SOL), XRP (XRP) and Dogecoin (DOGE) each down 10% or more.
A week ago, Bitcoin was trading at a record high of just over $109,000 per digital token.
Is CORZ Stock a Buy?
The stock of Core Scientific has a consensus Strong Buy rating among 14 Wall Street analysts. That rating is based on 13 Buy and one Hold recommendations issued in the last three months. The average CORZ price target of $20.71 implies 91.94% upside from current levels.
