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Leading cryptocurrency-related stocks experienced significant declines on Friday, with Coinbase (COIN) dropping 16%, Riot Platforms (RIOT) falling 12%, and CleanSpark (CLSK) losing 7%. The sell-off coincided with Bitcoin's retreat below $115,000 from recent highs near $120,000, reflecting growing investor caution across digital asset markets.
The crypto stock plunge occurred alongside substantial losses in traditional markets, with the Dow Jones Industrial Average shedding over 600 points and the tech-heavy Nasdaq Composite declining more than 2%. 【Market analysts】 attribute the widespread sell-off to three key factors: disappointing employment data, persistent inflation concerns, and renewed trade war anxieties.
July's nonfarm payrolls report showed only 73,000 new jobs created — significantly below the 100,000 expected. While this weak data increased expectations for Federal Reserve rate cuts (now an 80% probability for September), June's elevated core PCE inflation reading continues complicating monetary policy decisions.
Investor sentiment further deteriorated after the White House announced revised tariff rates ranging from 10% to 41%, including new 40% duties on goods attempting to circumvent existing tariffs. ——This policy shift marks the most aggressive trade measures since 2020—— and threatens to exacerbate economic slowdown concerns.
Coinbase's decline followed disappointing Q2 results showing declining transaction volumes, while Riot Platforms fell despite reporting strong earnings. CleanSpark's drop appeared purely market-driven, lacking company-specific catalysts. The simultaneous crypto stock retreat demonstrates their continued correlation with Bitcoin price movements and broader risk asset trends.
"Today's weak jobs report combined with tariff threats creates a 'bad news is bad news' scenario," noted Jeffrey Schulze of ClearBridge Investments. ——The analyst warned these factors could trigger labor market contraction in coming months——, potentially extending the current market volatility.
As of press time, cryptocurrency markets remain under pressure, with traders closely monitoring developments in trade policy and upcoming economic data releases that could influence Federal Reserve decision-making.