Crypto stocks battered as Nasdaq enters correction in $17 trillion market rout

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Crypto stocks battered as Nasdaq enters correction in $17 trillion market rout The Friday plunge fits into a pattern since the war in Iran broke out, with gains on Monday turning into losses by the end of the week. By Krisztian Sandor , James Van Straten | Edited by Stephen Alpher Mar 27, 2026, 4:00 p.m. Make preferred on Market Cap Wipeout by Asset (Assets by market Cap) What to know : Crypto-related stocks such as COIN, MSTR, HOOD and miners tumbled between 5%-10% on Friday caught up in a broader sell-off in U.S. equities. The losses extend a wider market purge, with $17 trillions in value erased across Mag7 tech stocks, precious metals and bitcoin from their respective records over the past months. The Friday plunge fits into a pattern since the war in Iran broke out, with gains on Monday turning into losses by the end of the week. Crypto stocks are getting hit hard Friday as weakness in U.S. equities rippled through high-risk assets, driving bitcoin BTC $ 66,110.85 below $66,000. Crypto exchange Coinbase (COIN) and digital asset conglomerate Galaxy (GLXY) dropped nearly 7%, while exchange Gemini (GEMI) slid almost 9%, marking one of the steepest losses in the group. Crypto-friendly broker Robinhood (HOOD) also fell nearly 6% as increasing its stock buyback pace offered little help in arresting the downtrend. Bitcoin-linked balance sheet plays also moved lower. Strategy (MSTR) and Twenty One Capital (XXI) plunged about 6%. Ethereum-focused treasury names such as Bitmine Immersion (BMNR) and Sharplink Gaming (SBET) were down roughly 5%. Miners — many of which trade as leveraged bets on both bitcoin and AI infrastructure — extended their declines. Riot Platforms (RIOT), CleanSpark (CLSK), IREN (IREN), HIVE Digital (HIVE) and Hut 8 (HUT) all posted 5%-8% losses. Even MARA (MARA) and Bitdeer (BTDR), which outperformed Thursday, have given back all their gains and were down 6% and 8%, respectively, joining the sector-wide plunge. $17 trillion wipe-out The Federal Reserve faces an increasingly complicated backdrop, weighing renewed inflation pressure from rising oil prices against signs of a deteriorating labor market. Richmond Fed President Tom Barkin warned that higher gas costs could dent consumer spending while describing hiring conditions as "fragile." Meanwhile, Philadelphia Fed President Anna Paulson said the war in Iran created "new risks to both inflation and growth." The 10-year Treasury bond yield, which hit nearly 4.5% earlier Friday, erased today's rise following the central bankers' remarks. The two-year yield, which is more sensitive to Fed policy, fell all the way back to 3.91% after earlier rising to 4.03%. Still, investors have turned from predominantly expecting rate cuts this year to consider the central bank hiking rates in face of rising inflation. The selloff over the past months has been broad across equities, with roughly $17 trillion in market cap wiped out from peak levels across the Magnificent Seven — the seven largest tech stocks, including Nvidia (NVDA), Google (GOOG) and Microsoft (MSFT) — gold, silver, and bitcoin BTC $ 66,110.85 . Bitcoin reached its all-time high in early October at $126,000, while gold, silver and U.S. equities peaked in late January before reversing sharply. Since then, bitcoin is down around 45%, silver has fallen 45%, gold roughly 20%, and the Magnificent Seven have all entered double digit drawdowns from their peaks. Market Cap Drawdown (Assets by market Cap) The tech-heavy Nasdaq 100 index has now entered correction territory, trading more than 10% off its January all time high. The broad-based S&P 500 is inching closer to a correction, too, currently down 8.5%. While bonds have also been hit hard, global fixed-income markets remain under broad pressure, with the iShares 20+ Year Treasury Bond ETF (TLT) down around 0.3% on Friday and 5% over the past month since the conflict began. Over the same period, the S&P 500 has fallen roughly 6%, highlighting the underperformance of the traditional 60/40 portfolio as global yields continue to rise, weighing on sovereign debt markets. Monday relief, Friday risk-off This week has followed a familiar playbook seen since the Middle East conflict started in late February, with strong gains on Monday, partly driven by relief that "Black Monday" scenario did not occur, averaging around 3%, followed by steady profit taking into weakness as the week progresses, particularly as optimism fades around the Strait of Hormuz fully reopening. By Thursday and Friday, performance typically deteriorates further as investors reduce risk ahead of the weekend amid ongoing geopolitical uncertainty. BTC Return By Day (Velo) More For You The Definitive Stablecoin Landscape Series: North America By CoinDesk Research Mar 26, 2026 Commissioned by Ripple As stablecoins evolve into core financial infrastructure, North America leads. This report maps the regulation, market shifts, and players driving adoption. Why it matters : Stablecoins are entering their third phase of evolution - the institutionalization era - becoming increasingly embedded into core financial infrastructure. As institutions prioritize transparency and compliance, regulated issuers like USDC, RLUSD, and PYUSD are steadily gaining share with RLUSD surpassing $1B in market cap within its first year. North America, leading in regulatory frameworks and institutional distribution, is at the center of it all. 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