Crypto Stocks: COIN, BMNR, & CRCL Slip as BTC Stays Flat Amid Fed Rate Hike Woes
Highlights
- COIN, BMNR, and CRCL fall as crypto stocks face renewed pressure from cautious investor sentiment.
- Bitcoin remains near flatline as traders watch its struggle to break the $80K resistance.
- Fed officials’ hawkish signals raise concerns about a potential September rate hike.
The leading crypto stocks, including Coinbase (COIN), Bitmine (BMNR), and Circle (CRCL), have stayed in the red today as BTC and other crypto prices have hovered near the flatline. In addition, the Fed rate hike fear, especially after Fed Chair Kevin Warsh’s remarks last week at Jackson Hole, might have also stalled the much-anticipated rally in the digital assets space.
Simultaneously, the latest mixed signals from Fed Governor Michael Barr have further weighed on the sentiment. So, let’s see how the crypto stocks are performing amid the ongoing topsy-turvy scenario in the broader financial space, with the Fed rate decision in focus.
Crypto Stocks Slip Amid Fed Rate Hike Fear
Most of the leading players in the crypto stocks space have retreated today, signaling a cautious stance among investors. For context, Coinbase (COIN) stock was down around 4% today at the time of writing and exchanged hands at $180.75.
However, despite the recent slump, the COIN crypto stock has added over 23% over the past 30 days. Notably, the traders might also look at the Coinbase stock price prediction, with the upcoming US Job data in focus.
Meanwhile, Bitmine (BMNR) stock also fell around 5% today, while adding about 40% over the past 30 days. On the other hand, the USDC-issuer Circle (CRCL) stock fell more than 5% today and traded at $90.65. Notably, despite the latest, it seems that some market experts like Cathie Wood have remained bullish on the Circle stock price.
The dip in the crypto stocks comes as the market is anticipating a potential Fed rate hike in September. Besides, the crypto prices also stayed near the flatline, with BTC price struggling to break through the $80K resistance.
Fed Governor Hints at a Possible Hike Ahead
The dip in the crypto stocks today came after the remarks of Kevin Warsh in Jackson Hole spooked traders last week. The speech suggested that the Fed may turn hawkish with its rate hike plans if inflationary pressure continues at the same rate.
Echoing a similar sentiment, Fed Governor Michael Barr said that the current inflation remains stronger-than-anticipated. Although he suggested that the Fed may favor steady interest rates, if it fails to cool down inflation, the US central bank might consider a possible rate hike ahead.
According to the CME FedWatch Tool, the odds of a likely Fed rate hike in September now sit at around 67%, up from around 40% last week.
Meanwhile, given the hawkish remarks from the Fed officials, investors also appear to be treading cautiously, which might have also impacted the crypto stocks’ performance today.
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