NewsletterTech and Crypto Stocks Rebound Ahead of Fed Meeting
Highlights
- Tech and crypto stocks notch inflows after previous losses.
- Bitcoin mining stocks saw larger gains adding to weekly inflow.
- The upcoming Fed meeting is pivotal to the upward sentiment of crypto assets.
Crypto stocks have notched inflows in the last 24 hours ending three previous days of outflows ahead of the Fed’s decision on interest rates. Crypto companies are picking up the pace despite the wider market trading sideways. Crypto stocks are assets whose values are affected by Bitcoin (BTC), altcoins, or other digital asset developments.
Crypto Stocks Point Upwards
Crypto stocks which recorded massive inflows in Q1 2024 saw exits this past week as market sentiments weakened. These stocks followed the wider crypto assets which fell after the release of the U.S. Job data. However, day trading jumped ahead of the Fed meeting with tech and crypto stocks back in the green zone.
Digital asset exchange Coinbase (COIN) is up 2.1% today trading at $241.81. This pushed weekly gains above 8% wiping out previous losses in the market. COIN often trades alongside the crypto market, marking gains as digital asset prices rebound and trading volumes jump.
MicroStrategy (MSTR) remains bullish on Bitcoin and trades at $1,599, a 0.25% rise today breaking out of the red zone. The asset has maintained a 28% monthly gain in the last 30 days amid bullish projections for the asset should Bitcoin price swing north.
Mining stocks also ticked inflows today after a positive change in sentiments. Marathon Digital (MARA) posted a 1% rise today although weekly numbers are still in losses. Meanwhile, Canadian-based miner Hut 8 is up 1.8% today trading at $13.58 extending weekly numbers above 12%. Bitcoin mining stocks performed better than other crypto stocks because of their previous gains as the price pierced above $71,500.
Market Awaits Fed Meeting
Crypto market participants have set sights on the upcoming Fed meeting with many analysts projecting similar outcomes with past meetings. This is hinged on the better-than-expected US Job data and increased unemployment rate in the country last month. Crypto private fell after the repost with top coins struggling to make a recovery. JPMorgan and Citi pushed back their projected rate cuts in July as firms now believe cuts will come much later
Also Read: Why Is Bitcoin (BTC) Price Falling? Crypto Liquidation Tops $93M
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Related Articles
- Ripple, Circle Could Gain Fed Access as Board Seeks Feedback on ‘Skinny Master Account’
- Fed’s Williams Says No Urgency to Cut Rates Further as Crypto Traders Bet Against January Cut
- Trump to Interview BlackRock’s Rick Rieder as Fed Chair Shortlist Narrows to Four
- Breaking: VanEck Discloses Fees and Staking Details for its Avalanche ETF
- Crypto Market Braces for Volatility as BTC, ETH Options Expiry Collides $7.1 Trillion ‘Triple Witching’
- SUI Price Forecast After Bitwise Filed for SUI ETF With U.S. SEC – Is $3 Next?
- Bitcoin Price Alarming Pattern Points to a Dip to $80k as $2.7b Options Expires Today
- Dogecoin Price Prediction Points to $0.20 Rebound as Coinbase Launches Regulated DOGE Futures
- Pi Coin Price Prediction as Expert Warns Bitcoin May Hit $70k After BoJ Rate Hike
- Cardano Price Outlook: Will the NIGHT Token Demand Surge Trigger a Rebound?
- Will Bitcoin Price Crash to $74K as Japan Eyes Rate Hike on December 19?
