Bitcoin mining stocks are taking it on the chin alongside broader equity markets as competition ramps up to an all-time high and traders panic-sell equities amid tariff-led uncertainties.

Most mining stocks fell more than 10% on Monday, adding to last week’s sell-off. MARA Holdings (MARA) fell nearly 11%, Riot Platforms (RIOT) slumped about 8%, and CleanSpark (CLSK) dropped 10% in early Monday U.S. trading. Other crypto-linked stocks, such as Michael Saylor’s Strategy (MSTR) and crypto exchange Coinbase (COIN), also slid more than 10%.

Read more: Strategy Treads Water on BTC Bet, While Metaplanet, Semler Reel From Heavy Losses
The sell-off comes as traders around the world panic-sell most asset classes, with equities hit the hardest. U.S. President Donald Trump’s tariffs added uncertainties to the market and a trade war with China added more concerns for the miners.

Currently, Chinese manufacturers hold the lion’s share of the market for the machines most miners use to mine for their block rewards. If the tariffs hold, they will likely make mining more expensive for those who are already navigating higher energy costs and lower profit margins following the recent halving that cut their rewards by half.

Adding to the pain, the Bitcoin network’s computing power — a measure of competition for the miners — hit a new all-time high of 1 zettahash per second (1 ZH/s) on Friday, according to data from Glassnode. The previous record was set on Jan. 31, when the network hit 975 exahashes per second (EH/s).

As the competition ramped up, the bitcoin price has fallen from the recent high of over $109,000 to $77,0000, pressuring mining revenue. Hashprice, a measure of daily income relative to hash power — has fallen to a record low $42.40, squeezing the miners even further.

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Cap, a yield-bearing stablecoin protocol, shared Monday that it has raised $11 million in funding from big-name financial institutions including Franklin Templeton and Triton Capital.

The total funding — announced at the close of a recent $8 million seed round — will be used to develop Cap’s stablecoin engine, which is slated to launch later this year. Cap raised $3 million in a previous funding round.

Stablecoins are a type of cryptocurrency whose value is directly tied to another asset, like the U.S. dollar. Cap’s system is built so users may generate passive interest — or yield — on the tokens.

Cap «leverages a collective of operators with specialized skills in yield generation to democratize yield previously untapped by the masses,» Cap Labs explained in a press release.

«This yield does not solely rely on crypto-native sources like funding rate arbitrage and token farming, but also on the expertise of traditional institutions like HFT firms, private credit funds, and other companies able to capture large-scale yield.»

According to the statement, Cap will give users the opportunity to earn extra yield through restaking protocols like EigenLayer. Restaking protocols allow people to stake — or lock up — collateral to secure blockchain protocols in exchange for rewards.

Cap’s funding news comes at a time when stablecoins are becoming extremely popular, with banking giant Fidelity, President Trump’s World-Liberty Financial, and the state of Wyoming sharing their intentions to create their own stablecoins, and the U.S. Congress focusing its efforts on passing stablecoin legislation.

Read more: Stablecoin Market Cap Tops $200B as U.S. Sees Industry Helping Maintain Dollar Dominance

CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.

The CoinDesk 20 is currently trading at 2173.26, down 13.5% (-338.56) since 4 p.m. ET on Friday.

None of the 20 assets are trading higher.

Leaders: BTC (-8.4%) and ICP (-11.0%)

Laggards: LTC (-19.7%) and SUI (-18.5%).

The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.