On Thursday, stocks related to the cryptocurrency industry continued their sharp declines in January, with Bitcoin falling 6% to fall below $84,000.
Coinbase (COIN), the largest publicly traded cryptocurrency company by market capitalization, fell 7% today and is down 17% year to date and is on track for an eight-session losing streak, its longest since September 2024. Currently trading at $195, the stock has fallen back to May 2025 levels.
Shares of rival cryptocurrency exchange Gemini (GEMI) fell 8% on Thursday and are down 21% year to date, while cryptocurrency platforms Bullish (BLSH) and Circle (CRCL) are down 16% and 20% respectively this year.
Read more: As Bitcoin tumbles towards $84,000, here are the key levels to watch
In addition to falling cryptocurrency prices, spot trading volumes on exchanges also declined as the bear market extended. Data from TheTie shows that spot trading volume across exchanges was just $900 billion in January, compared with $1.7 billion in the same period last year.
Eric He, community angel officer and risk control advisor at cryptocurrency exchange LBank, told CoinDesk: “Bitcoin has been hovering around the $85,000 level and you can feel the hesitation in the market.” He added: “As geopolitical tensions increase, investors remain cautious, not only in the cryptocurrency space but across various assets.”
He concluded: “While stock and commodity prices are rising, cryptocurrencies are clearly in a wait-and-see phase.”
Heading into February, analysts will be watching for signs of a rebound in trading volumes, an easing of geopolitical tensions and broader signals from macroeconomic data that could signal a shift in risk appetite.
AI pivot keeps miners afloat
One port in the storm are those cryptocurrency companies that have turned away from cryptocurrencies — namely, Bitcoin miners who use their energy and computing resources to profit from the data demands of the artificial intelligence boom.
Companies such as Hut 8 (HUT), IREN (IREN), CleanSpark (CLSK), and Cipher Mining (CIFR) have all posted year-to-date gains despite falling sharply in today’s selloff.
Another outperformer was Mike Novogratz’s crypto merchant bank Galaxy Digital (GLXY), which also fell on Thursday but posted strong gains in 2026. The company has made a big push into data centers and recently received approval from Texas grid operator ERCOT to expand in the state.
