Crypto-linked stocks fell sharply on 24 Mar amid a broad market decline, driven by geopolitical and legislative uncertainty.
At the close in New York, losses were led by stablecoin issuer Circle (CRCL), whose shares dropped about 20.1% to around $101, while Coinbase (COIN) fell roughly 9.7% to trade at $181.
The move came amid broad weakness in technology stocks, particularly software companies. The Nasdaq Composite, a benchmark for tech-heavy equities, closed the session lower 0.8%, leaving the index down roughly 6.4% so far in 2026.
Losses spread across crypto-linked equities, with Bitcoin miners also under pressure. MARA holdings (MARA) fell more than 7% to $8.25, while CleanSpark (CLSK) declined 4% to $9.58, and digital asset treasury Strategy (MSTR) slipped over 1.4% to $136.25.
Today's sell-off trimmed some of Circle's recent gains, after the shares had rallied sharply this month to a peak of $132.84 on 18 Mar. Despite the pullback, the stock remains up about 21% year to date, while Coinbase is heading in the opposite direction, down roughly 23.5% over the same period.
Policy pressure
Market participants pointed to developments in Washington, D.C., as one of the drivers of pressure on the stablecoin issuer as regulatory efforts advance in Congress. According to Politico, a draft compromise of the CLARITY Act has introduced restrictive language and capped rewards on stablecoins to transaction-based incentives, rather than allowing yield on passive balances.
That shift could directly impact business models across the sector. Circle generates revenue from reserves backing its USDC stablecoin, primarily invested in short-term US Treasuries, while Coinbase offers user incentives tied to stablecoin holdings.
Circle generated about $2.6bn in passive reserve income in 2025, representing the overwhelming majority of its revenue, while Coinbase reported roughly $1.35bn in stablecoin revenue last year, according to financial filings.
Bitcoin steady
Bitcoin traded largely flat on the day, holding near the $70,000 level even as crypto-linked equities sold off, with traders weighing the impact of rising geopolitical tensions, higher bond yields and shifting expectations for US interest rates.
The largest cryptocurrency was trading at $70,280 at 21:44 UTC, down roughly 0.8% over the past 24 hours.
