Crypto-linked stocks declined on Wednesday after US inflation accelerated to 3.7% in September, with IREN Limited, American Bitcoin Corp., Robinhood Markets and Strategy among the companies recording losses during the session.
IREN fell 12.10% to $30.59, while American Bitcoin dropped 11.43% to $7.67. Robinhood shares declined 8.73% to $100.87, and Strategy traded 6.41% lower at $142.42, according to Yahoo Finance data (on October 14 at 19:07 UTC).
The declines followed the release of the September Consumer Price Index (CPI) report by the US Bureau of Labor Statistics (BLS). Annual headline inflation rose to 3.7%, up from 3.4% in August, while the monthly CPI increased 0.6% on a seasonally adjusted basis.
IREN and American Bitcoin lead crypto stock declines
IREN recorded the steepest decline among the stocks covered, falling 12.10% to $30.59. Its shares traded between $30.42 and $33.84 during the session, with trading volume reaching about 58.64 million shares, above its average volume of 43.38 million, according to Yahoo Finance data (on October 14 at 19:07 UTC).
American Bitcoin (ABTC) fell 11.43% to $7.67, giving the company a market capitalization of about $558.5 million. The stock traded between $7.60 and $8.56, with volume at approximately 962,873 shares, according to Yahoo Finance data (on October 14 at 19:07 UTC).
Robinhood and Strategy shares extend losses
Robinhood Markets shares (HOOD) dropped 8.73% to $100.87, with the stock trading between $100.51 and $109.22. Its market capitalization stood at approximately $90.44 billion, according to Yahoo Finance data (on October 14 at 19:07 UTC).
Strategy (MSTR), which holds Bitcoin as its primary treasury asset, declined 6.41% to $142.42. The shares traded within a session range of $141.74 to $152.18, while the company’s market capitalization stood at about $60.27 billion, according to Yahoo Finance data (on October 14 at 19:07 UTC).
Coinbase, Circle and BitMine also trade lower
Other companies with exposure to the cryptocurrency market also recorded losses.
Circle Internet Group (CRCL) fell 6.65% to $78.66, while Coinbase (COIN) declined 5.32% to $172.12. BitMine Immersion Technologies (BMNR) traded 5.81% lower at $22.12. Circle’s market capitalization stood at approximately $19.93 billion, compared with $45.41 billion for Coinbase and $13.32 billion for BitMine, according to Yahoo Finance data (on October 14 at 19:07 UTC).
The quoted stock prices do not represent closing prices.
September CPI rises as Gasoline prices jump
The BLS reported that the CPI increased 0.6% in September on a seasonally adjusted basis, following a 0.4% rise in August. The annual headline inflation rate reached 3.7%, compared with 3.4% in the 12 months through August.
Gasoline prices rose 9.1% during September, accounting for more than half of the monthly increase in the all-items index. The broader energy index advanced 5.2% during the month and was up 20.4% over the year.
Core CPI, which excludes food and energy, increased 0.3% in September, matching the previous month’s rise. Its annual rate accelerated to 2.6% from 2.4% in August.
The shelter index increased 0.4% during the month, while food prices were unchanged. Other categories that recorded monthly increases included recreation, used cars and trucks, education, airline fares, medical care and apparel.
Bitcoin and Ethereum prices also decline
Bitcoin traded at $81,718.76, down 1.7% over 24 hours, while Ethereum fell 3.2% to $2,428.45 over the same period, according to data from CoinGecko (on October 14 at 19:07 UTC).
The declines in the two largest cryptocurrencies coincided with losses across crypto-linked equities. However, the available market data does not establish that the CPI release directly caused the moves in individual stocks or digital assets.
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