New York stock market fell across the board… weakness in virtual asset-related stocks stood out

Doohyun Hwang

Summary

Major New York stock market indices closed lower, with overall risk-off sentiment expanding.
On the day, crypto-related stocks were all weak, with stocks such as Coinbase, Circle, Strategy, and Bullish all falling.
In particular, virtual asset and blockchain infrastructure stocks and newly listed stocks saw large declines.

Major indices on the New York stock market in the U.S. closed lower across the board on the 16th (local time). As risk-off sentiment spread across the market, virtual assets (cryptocurrencies)-related stocks also showed weakness.

On the day, the Dow Jones Industrial Average closed down 0.65% from the previous day, the S&P500 was down 0.63%, and the Nasdaq Composite was down 0.47%. The tech-heavy Nasdaq attempted an intraday rebound but widened losses amid selling pressure.

Virtual asset-related names generally underperformed. Coinbase (COIN) fell 1.8%, Circle (CRCL) 4.48%, Strategy (MSTR) 4.35%, Bullish (BLSH) 1.88%, respectively.

Mining and blockchain infrastructure-related stocks also could not avoid weakness. Bitmine (BMNR) fell 5.06%, Sharplink Gaming (SBET) fell 3.83%. In addition, BNB Network Company (BNC) plunged 10.6%, ALT5 Sigma (ALTS) 9.13%, America Bitcoin (ABTC) plunged 10.02%.

Newly listed stocks also saw large declines. Solana financial strategy firm Helius (Helius, HSDT) plunged 36.49%, recording the largest decline. Bitcoin-buying firm Kindly MD (NAKA) closed down 5.36%.