Technology and Crypto Stocks Soar Ahead of Fed Meeting
Crypto stocks recorded inflows in the last 24 hours ahead of the Fed’s decision on interest rates, ending outflows in the previous three days. Crypto companies are accelerating despite broader market trading. Crypto stocks are assets whose values are affected by Bitcoin (BTC), altcoins or other digital asset developments.
Crypto Stocks Head Up
Crypto stocks, which recorded large inflows in the first quarter of 2024, saw outflows last week as market sentiment weakened. These stocks followed broader crypto assets falling following the announcement. US business data. However, daily trading jumped ahead of the Fed meeting, with tech and crypto stocks back in the green territory.
Digital asset exchange Coinbase (COIN) is trading up 2.1% today at $241.81. This pushed weekly gains to over 8%, which erased previous losses in the market. COIN It often trades alongside the crypto market and gains as digital asset prices recover and trading volumes increase.
MicroStrategy (MSTR) remains bullish on Bitcoin, trading 0.25% higher at $1,599 today and breaking out of the red zone. The asset has maintained its 28% monthly gain over the past 30 days amid bullish bets for the asset if the Bitcoin price moves north.
Following the positive change in sentiments, mining stocks also marked entries today. Marathon Digital (MARA) gained 1% today, but the weekly figures are still missing. Meanwhile, Canada-based miner Hut 8 is trading up 1.8% today at $13.58, pushing the weekly figures up over 12%. Bitcoin mining stocks have outperformed other crypto stocks due to previous gains as its price rose above $71,500.
Market Waits for Fed Meeting
Crypto market participants are focused on the upcoming Fed meeting, with many analysts predicting similar outcomes to past meetings. This is due to better-than-expected US Jobs data and the country’s rising unemployment rate last month. Cryptocurrency fell after the reshare and top coins struggled to recover. JP Morgan and Citi postponed rate cuts expected in July as companies now believe cuts will come much later
So read: Why Is Bitcoin (BTC) Price Falling? Crypto Liquidation Exceeds $93 Million
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David is a financial news writer with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has a talent for keeping up with breaking news. Staying on top of trends, David is knowledgeable about regulations, partnerships, crypto assets, stocks, NFTs, etc. He reported in various fields such as. Away from the financial markets, David cycles and rides horses.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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