As the price of Bitcoin continues to stay below the key psychological threshold of $100,000, firms across the crypto industry — from public Bitcoin miners to crypto exchanges like Coinbase — are experiencing increased volatility.
On Thursday, America’s largest crypto exchange, Coinbase, saw its stock plunge to $209 at the time of writing. Last week, the company announced that the U.S. Securities and Exchange Commission (SEC) was dropping a lawsuit against the company, signaling that the Trump administration was shifting away from the hallmark “regulation by enforcement” era associated with former SEC chair Gary Gensler.
Cathie Wood’s ARK Invest recently capitalized on the “buy the dip” opportunity, purchasing $8.7 million in Coinbase stock at a discount on Tuesday.
Coinbase did not respond to TheStreet Crypto’s request for comment.
Other firms expanding into the crypto space, such as Robinhood, have also benefited from recent SEC relief, which this month resulted in an end to an investigation into its crypto business. As of this writing, Robinhood’s stock price has risen to $48.86.
The legal relief, however, has garnered criticism from watchdog groups who allege links between Trump’s crypto donations and the rollback of major lawsuits or investigations against crypto firms: “[The end of these lawsuits] is a massive gift to the [crypto] industry, which can only be understood in light of its massive political spending in the last election,” said Robert Weissman, co-president of Public Citizen, a D.C.-based watchdog group.
In response to a request for comment, Robinhood provided a statement from Dan Gallagher, Chief Legal, Compliance and Corporate Affairs Officer: “We applaud the staff’s decision to close this investigation with no action. Let me be crystal clear—this investigation never should have been opened. Robinhood Crypto always has and will always respect federal securities laws and never allowed transactions in securities.”
Meanwhile, public Bitcoin mining companies like Core Scientific, Marathon Digital, and Riot Platforms have experienced uneven market performance over the past 24 hours. As of this writing, Riot Platforms’ shares have dropped to $8.71, while Core Scientific and Marathon Digital’s stocks have risen to $10.77 and $13.33, respectively.
The information in this article is for informational purposes only and does not constitute investment advice.
