Major crypto stocks fell sharply after a devastating sell-off

On November 7th, Bitcoin (BTC) fell below the six-digit mark, trading at $99,399, a drop of nearly 3%. This was due to ongoing outflows in derivatives markets, which wiped out over-leveraged longs.

Across major exchanges, 238,679 traders were liquidated in 24 hours, resulting in a total loss of $711.8 million. According to Coinglass, the largest loss was a $15.31 million BTC-USD position on Hyperliquid.

Analysts are debating whether this is a short-term correction or the beginning of a bear market.

A day earlier, ARK Invest CEO Cathie Wood lowered her long-term Bitcoin forecast from $1.5 million to $1.2 million by 2030, while maintaining her bullish forecast. Wood said this shift reflects the growing dominance of stablecoins, prompting ARK to reevaluate Bitcoin's role in the global financial system.

Although Bitcoin briefly reclaimed the $100,000 level by press time, major crypto-linked stocks remained in the red.

At the time of writing, BTC was trading at $100,501.

Coinbase Earnings Rise, But Decline

Coinbase (NASDAQ: COIN) fell 2.29% to $288.65. The first crypto company to be included in the S&P 500 reported third-quarter earnings on October 30. Coinbase reported earnings per share (EPS) of $1.50, 45% higher than analysts' expectations of $1.05. Quarterly revenue increased 25% quarter-over-quarter to $1.86 billion, exceeding estimates of $1.8 billion.

Block and IREN Fall After Earnings

Shares of Block (NYSE: SQ) and Iris Energy (NASDAQ: IREN) also fell following earnings released a day earlier.

Jack Dorsey's Block reported revenue of $6.11 billion, compared to $6.34 billion previously, which fell below analyst expectations. At the time of writing, Block was trading down 9% at $64,530.

IREN, despite outperforming expectations with a profit of $384.6 million and 355% revenue growth, fell 9.57% to $60.60.

Bitcoin miners continue to incur losses. Eric Trump's mining venture, American Bitcoin (NASDAQ: ABTC), fell 8.15% to $4.19. On Thursday, the company added 139 bitcoins since Oct. 24 and now holds 4,004 bitcoins as of Nov. 5 through mining and strategic purchases with Bitmain.