Crypto Stocks Slide at US Open as COIN Drops 7% Despite Mixed Broader Market

Key Takeaways Coinbase (COIN) fell 6.98% at the US market open on April 29, leading crypto-related stock lossesStrategy (MSTR) dropped 1.80%, Circle (CRCL) fell 2.48%, SBET declined 2.60%, and Bitmine (BMNR) lost 1.91%The Dow Jones edged up 0.04% while the S&P 500 slipped 0.07% and the Nasdaq fell 0.28% at the openNXP Semiconductors surged 21.7% on strong Q2 earnings guidance, lifting ON Semiconductor 6.4% and Microchip Technology 4.8% Cryptocurrency-related stocks fell broadly at the US market open on April 29, with Coinbase leading losses at nearly 7% even as the wider equity market showed a mixed picture and semiconductor stocks surged on strong earnings signals. Coinbase (COIN) dropped 6.98% at the open, the sharpest decline among major crypto equities. Strategy (MSTR) fell 1.80%, Circle (CRCL) shed 2.48%, SBET declined 2.60%, and Bitmine (BMNR) lost 1.91% -- a broad-based selloff that reflects the pressure on Bitcoin-correlated equities as BTC continues to struggle below $77,000 following three rejections near $79,000. The crypto stock weakness contrasts sharply with the broader semiconductor sector. NXP Semiconductors surged 21.7% after issuing strong second-quarter earnings guidance, pulling ON Semiconductor up 6.4% and Microchip Technology up 4.8% in sympathy -- a divergence that highlights how crypto equities are trading on their own risk dynamics rather than tracking the broader tech sector. The major US indices opened mixed, with the Dow Jones Industrial Average barely positive at +0.04%, the S&P 500 slightly negative at -0.07%, and the Nasdaq Composite down 0.28% -- a subdued open ahead of the Federal Reserve's policy decision and a heavy slate of megacap tech earnings due Wednesday and Thursday.