Coinbase fell further than Circle and Robinhood in the ranking, trailing only AppLovin and CoreWeave in its list.
ByWayne Jones
Three crypto-linked companies have appeared on a list of 20 tech stocks that have fallen hard from their recent peaks.
The three, Coinbase, Circle, and Robinhood, have respectively lost 56%, 44%, and 40% of their values, with market commentary account The Kobeissi Letter warning that it was a sign of a “stealth” bear market.
Crypto Stocks Rank Among Tech’s Biggest Losers
Per The Kobeissi Letter’s list, the only companies worse hit than Coinbase were AppLovin and CoreWeave, with the former down 65% and the latter seeing 57% shaved off its stock price. Others included Oracle (-50%), SanDisk (-42%), and Seagate’s STX shares, which had dipped 39%.
Those that have suffered the least were Google’s parent company Alphabet, whose stock had gone down by 28%, IBM (-25%), Micron (-24%), and Mark Zuckerberg’s Meta, which lost 22%.
According to an earlier analysis the Kobeissi Letter posted on October 15, the S&P 500’s resilience has been hiding widespread weakness among its constituents. It noted that 84% of index members were at least 10% below their all-time highs, while 59% had dropped by at least 20%.
Per the analysis, that split is because a small group of large tech companies was accounting for most of the index’s gains, with just 10 stocks contributing 70% of the S&P 500’s advance since its March 30 low when it fell below 6,400. However, the firm argued that this concentration could leave room for further gains if market participation increases.
“The reality is that the MAJORITY of S&P 500 components are, in fact, in a bear market,” read the analysis. “In our view, for the S&P 500, this is in fact bullish, or at worst, does not matter for now,” it added.
Crypto Firms Face Different Business Pressures
Despite the stock declines, Robinhood and Circle have been expanding their businesses, with the trading platform recently partnering with Ripple in a deal that will cover the distribution of the latter’s RLUSD stablecoin, as well as institutional settlement, treasury management, and financing.
