Crypto suffers deeper declines as AI fears send IBM plunging 11%

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Crypto suffers deeper declines as AI fears send IBM plunging 11% Artificial intelligence company Anthropic announced that its Claude platform can streamline COBOL code, a key profit center for IBM. By Stephen Alpher Feb 23, 2026, 8:18 p.m. Make us preferred on Google AI fears send prices plunging again (Eva Blue/Unsplash) What to know : Anthropic announced that its Claude Code can automate COBOL modernization, sending IBM lower by 11%, the latest victim to AI-related business model threats. Crypto prices suffered along with the major averages and software sector, with bitcoin pulling back to $64,000. The seemingly daily disruption of business models by advances in artificial intelligence continued Monday, sending stock market averages and crypto prices sharply lower. Today's victim (in addition to the usual ones) was IBM after Anthropic said Claude code can automate COBOL modernization. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy . "COBOL [Common Business-Oriented Language] is everywhere," said Anthropic . "It handles an estimated 95% of ATM transactions in the U.S.. Hundreds of billions of lines of COBOL run in production every day, powering critical systems in finance, airlines, and government." "The developers who built these systems retired years ago, and the institutional knowledge they carried left with them," the company continued. "We aren't exactly minting replacements—COBOL is taught at only a handful of universities, and finding engineers who can read it gets harder every quarter." "Modernizing a COBOL system once required armies of consultants spending years mapping workflows," Anthropic continued. "Tools like Claude Code can automate the exploration and analysis phases that consume most of the effort in COBOL modernization." Think of "armies of consultants" as IBM, and the stock's reaction is understandable. A bit less than an hour before the close IBM was lower by 11.2%. IBM's decline, along with what's now becoming regular AI-related tumbles in the overall software sector and private equity, has helped pull the Dow, S&P 500 and Nasdaq all lower by more than 1%. "It’s becoming increasingly clear how pivotal the times we are in right now truly are," wrote The Kobeissi Letter . Tied at the hip in recent months to moves in software, crypto prices were under extreme pressure Monday, with many majors now within range of retouching their lows from the Feb. 5 panic. Bitcoin was lower by 5% over the past 24 hours to $64,100, with ether (ETH) and solana (SOL) down similarly. Coinbase (COIN), Strategy (MSTR), Circle (CRCL) and Galaxy Digital (GLXY) were all down 4%-7%. The only names in the green were those bitcoin miners now running AI infrastrcuture business models, with IREN (IREN) ahead 5%, Cipher Mining (CIFR) up 3.4%, CleanSpark (CLSK) up 1.5%, and Hut 8 (HUT) gaining 0.7%. Bitcoin News AI Breaking News More For You Mystery Hong Kong investor in BlackRock's bitcoin ETF breaks silence after $436 million stake sparks controversy By Sam Reynolds | Edited by Aoyon Ashraf 2 hours ago A spokesperson for Laurore said the $436 million IBIT stake “reflects personal investment conviction,” as records link it to a mainland China passport holder. What to know : • Laurore Ltd., a little-known entity, disclosed a position of about $436 million in BlackRock’s iShares Bitcoin Trust (IBIT), triggering speculation about the identity of a new bitcoin ETF holder. • Hong Kong registry filings show the IBIT stake is linked through director Zhang Hui, a Mainland China passport holder who is also the sole director of Avecamour Advice Limited, a Hong Kong company owned by a British Virgin Islands entity. • A spokesperson said the ultimate beneficial owner “prefers to keep a low profile” and that the position “reflects personal investment conviction,” declining to disclose further ownership details. 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