CRCL, Coinbase Stocks Drop as Bitcoin Falls Below $80K

Crypto-related stocks CRCL and Coinbase (COIN) moved lower on Thursday after fresh U.S. labor market data reduced expectations for near-term Federal Reserve rate cuts. Investors reacted cautiously as stronger employment figures added pressure to risk assets, including cryptocurrencies and crypto-linked equities.

According to the latest U.S. labor report, jobless claims rose to 200,000 for the week ending May 2, slightly below the market expectation of 205,000. The previous week’s figure was revised near 190,000, showing that the labor market remains resilient despite elevated interest rates and tighter financial conditions.

The stronger-than-expected labor data weakened hopes that the Federal Reserve could reduce interest rates soon. Higher borrowing costs typically weigh on speculative assets such as Bitcoin, altcoins, and crypto-related stocks.

The cryptocurrency market experienced broad selling pressure throughout Thursday’s trading session. Bitcoin price slipped below the key $80,000 level after failing to break through a major resistance zone. As a result, the total crypto market capitalization declined 1.34% to approximately $2.66 trillion.

Circle-related stock CRCL recorded one of the sharpest declines among crypto equities. Shares dropped more than 7% during the session, falling near $112.58 after initially opening higher. Analysts are closely watching the $110 to $108 support zone, as a break below that area could trigger additional downside momentum. On the upside, resistance remains near $118, where a stronger breakout could revive bullish sentiment.

Coinbase stock also traded lower ahead of its upcoming quarterly earnings report. COIN shares fell 2.45% to around $193.10 during afternoon trading. Technical resistance for Coinbase is currently seen near $198, while key support sits around $190. Market analysts believe that stronger-than-expected earnings could push COIN stock toward the $205 to $215 range in the coming sessions.