Crypto stocks fell sharply Friday as weakness in U.S. equities spilled into high-risk assets, pushing bitcoin BTC $67,360 below $66,000. The move continues a pattern seen since the Iran conflict began, where early-week gains often erode by week’s end.

Exchange operators were hit hard: Coinbase (COIN) and Galaxy Digital (GLXY) dropped nearly 7%, Gemini (GEMI) fell 9%, and Robinhood (HOOD) slipped 6% despite boosting its stock buyback. Bitcoin-linked balance sheet plays also declined, with MicroStrategy (MSTR) and Twenty One Capital (XXI) down around 6%, while Ethereum-focused names such as Bitmine Immersion (BMNR) and Sharplink Gaming (SBET) fell about 5%.

Miners extended losses, with Riot Platforms (RIOT), CleanSpark (CLSK), IREN (IREN), HIVE Digital (HIVE), and Hut 8 (HUT) down 5%–8%. MARA (MARA) and Bitdeer (BTDR) gave back Thursday gains, falling 6% and 8%, respectively.

The Federal Reserve faces a tricky backdrop: rising oil prices fuel inflation while labor conditions show signs of fragility. Richmond Fed President Tom Barkin warned higher gas costs could curb consumer spending, and Philadelphia Fed President Anna Paulson said the Iran conflict adds “new risks to both inflation and growth.”

Treasury yields were volatile, with the 10-year touching 4.5% before retreating and the two-year falling to 3.91%, reflecting sensitivity to Fed policy. Broad markets have shed roughly $17 trillion, including bitcoin, gold, silver, and the tech-heavy “Magnificent Seven.” Nasdaq 100 has entered correction territory, while the S&P 500 nears one at -8.5%.

The week follows a familiar trend: early gains fade as investors reduce risk amid ongoing geopolitical uncertainty, leaving late-week losses in their wake.