Tech 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
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