The Block: Bitcoin plunges toward $29,000, Coinbase leads drop in crypto stocks alongside traditional markets

Bitcoin slipped below $30,000 as the broader crypto market declined in early U.S. trading alongside traditional markets. Equities linked to cryptocurrency and blockchain also fell.

The leading cryptocurrency by market cap fell 3.8% to trade at $29,282 at 9:45 a.m. EDT, according to Binance data via TradingView. Ether slipped below $2,000, bringing its losses over the past day to 6%.

Altcoins were similarly affected. Binance's BNB dropped 5% over the past day, with Ripple's XRP shedding 6.5% and Cardano's ADA down a little under 6%.

Crypt market 24-hour heat map via TradingView

Bitcoin declines with equities Crypto prices have become closely tied to equity markets again, which will be focused on the continuation of first-quarter earnings this week, according to market maker B2C2's Adam Farthing.

Equities will be "paying particular attention to banking results and very much on the lookout for any signs of stress or fundamental changes to deposit bases and trading patterns," Farthing said.

Equities linked to crypto and blockchain were down, with Coinbase and MicroStrategy leading declines.

Shares in the crypto exchange were down 4% to about $64.50 by 9:45 a.m. EDT, according to TradingView data. Coinbase shares have skyrocketed this year, up 82% since January and leading the way in large-cap stock gains.

MicroStrategy fell 3.2% to $318, while Jack Dorsey's Block was down about 2.3% to trade around $62.30.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.