Coinbase and Crypto-Linked Stocks Take a Hit Amid Bitcoin’s Sharp Decline

The recent sharp correction in Bitcoin's price, which saw it drop below $100,000, has triggered a significant selloff in crypto-linked stocks such as Coinbase, Block, and Robinhood. Despite Coinbase reporting earnings that exceeded estimates, shares of these companies tumbled by 11-14% this week, highlighting the ongoing influence of cryptocurrency volatility on market sentiment. The selloff was accompanied by massive liquidations, with nearly 240,000 traders facing $712 million in liquidations within 24 hours as Bitcoin lost 20% of its value from its peak. This event underscores the fragile nature of the crypto market and its ripple effects on related equities.

Bitcoin Correction Sparks Selloff in Crypto-Linked Stocks

Shares of Coinbase, Block, and Robinhood tumbled 11-14% this week as Bitcoin's sharp correction below $100,000 triggered broad market jitters. The selloff occurred despite Coinbase reporting earnings that smashed estimates, underscoring how crypto volatility continues to dictate sentiment.

Nearly 240,000 traders faced liquidations totaling $712 million in 24 hours as Bitcoin shed 20% from its peak. October's $19 billion liquidation event still looms large, with investors questioning hidden risks across crypto markets.

Coinbase's standout performance - beating EPS forecasts by 45% with $1.86 billion revenue - failed to stem the bleeding. The exchange's 'Everything Exchange' expansion plans were overshadowed by macroeconomic fears.

Robinhood remains 2023's unlikely winner among crypto stocks, clinging to 200% YTD gains despite recent losses. The retail platform's resilience highlights shifting dynamics in digital asset adoption.

Aster Token Gains on Coinbase Listing Roadmap Inclusion

Aster's native token ASTER surged over 5% this week after Coinbase added it to the exchange's asset listing roadmap. The decentralized exchange token now trades steadily above $1, buoyed by speculative demand ahead of potential platform support.

Coinbase's November 7 disclosure placed Aster alongside Monad and QCAD as assets under evaluation for future listing. While not constituting an official endorsement, the roadmap inclusion signals growing institutional recognition for the project. Market participants view this as a precursor to broader liquidity access.

The exchange has shifted from publishing watchlists to maintaining dynamic roadmaps, reflecting evolving digital asset evaluation frameworks. For emerging projects like Aster, such visibility often precedes increased trading volume and price discovery mechanisms.