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Crypto Stocks Slide Pre-Market as U.S. Futures Point to More Bitcoin Losses
S&P 500 futures slid 1.4%, Dow Jones future fell 1.2% and futures on the tech-heavy Nasdaq 100 lost 1.7%
Feb 3, 2025, 12:41 p.m.
What to know:
- Stock markets across Asia and Europe dropped and the U.S. dollar edged higher while major cryptocurrencies such as XRP and ether (ETH) lost as much as 25%.
- Crypto markets took a hit Monday after President Donald Trump levied tariffs on imports from Canada, Mexico and China over the weekend
Havoc in crypto markets spread to stocks of crypto-focused companies, with losses in U.S. futures pointing to declines in equities that are likely to put bitcoin (BTC) on track for further losses because it tends to mirror movements of U.S. stock markets.
S&P 500 futures slid 1.4%, Dow Jones futures fell 1.2% and futures on the tech-heavy Nasdaq 100 lost 1.7%.
STORY CONTINUES BELOW
Shares of Japan’s Metaplanet (3350), colloquially called Asia’s MicroStrategy for its bitcoin treasury, fell 9.44% on the Tokyo Stock Exchange. Crypto and blockchain venture fund SBI Holdings sank 3.60%.
U.S.-listed Coinbase (COIN) and MicroStrategy (MSTR) traded more than 5.9% lower in pre-market trading, while mining stocks MARA Holdings (MARA) and Riot Platforms (RIOT) dropped 6%.
The T-Rex 2x Long MSTR Daily Target ETF, which offers 200% of the daily returns of MicroStrategy, was down 9.6%.
Pre-market trading occurs before the regular market session opens to select participants, such as funds or institutional investors. These hours can be more volatile due to less liquidity.
Crypto markets took a hit Monday after President Donald Trump levied tariffs on imports from Canada, Mexico, and China over the weekend, and threatened to impose taxes on the European Union.
Stock markets across Asia and Europe dropped while the U.S. dollar edged higher with crypto majors such as XRP and ether losing 25% amid a rush of capital from risk assets.
More For You
Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch
When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
What to know:
- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
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