Crypto stocks tumble as investors go into risk-off mode
Idrees Abbas | Stick images | LightoKet | Getty Images
Investors escaped from the market’s technology stocks and more risky corners, while crypto stocks suffered on Tuesday.
Among the crypto exchanges, Coin And ethoro While each fall more than 5% Robinity And Arrogance Both fell more than 6%. Crypto Financial Services Company Galaxy Digital 11 %fell. In the developing sector of crypto treasure companies, Strategy Lost 7 % Sharplink game 8 %slip, Plunge Dropped 12 % and Defi Development 15 %rolled. Stablecoin exporter Apartment He lost 5 %.
By the way, the price Bitcoin Approximately 3% increased slightly above $ 113,000. Ether According to Coin Metrics, it fell to $ 4,100 more than 4%.
Bitcoin last day
Investors returned from technology names on Tuesday. As Traders weighed the possibility of more interest rate deduction, the sector received a support last week. In addition, Bitcoin reached the highest level of all time in nearly $ 125,000 last week.
Tuesday Nasdaq composite It fell more than 1 %, and Nvidia and other technology were weighed with heavy weights.
The crypto market tends to be vulnerable to the movements in technology stocks due to the tendency to develop in growth, investor base, narrative price actions, speculative nature and tendency to develop in low interest environments.
This week investors are watching Federal Reserve’s Jackson Hole, Annual Economic Symposium in WyomingFor clues about what could happen at the Central Bank’s policy meetings this year. The crypto may jump if the FED President Jerome Powell indicates that more Dovish policy may be at the forefront.
“When we talk at Powell Jackson Hole, we often see profit in front of your words,” Hybrid Exchange Rails CEO, “Powell Jackson Hole.” He said. “When there is an uncertainty of communication from the Fed, you can often expect to make some profit as traders put their positions at risk.”
Crypto stocks have had a solid run in recent months – thanks to the addition of coinbase to the Criterion S&P 500 index, Circle’s successful public offering and the stablecoin framework became a law. However, investors are waiting for a withdrawal in August and at the September Fed meeting, which the Central Bank policy makers hope to see that they are implementing ratio cuts.
