Crypto stocks missed an opportunity to hit a rally after the stock market recorded huge gains. The US market picked up gains of close at highs following a swing in macro factors linked to the newly released U.S. Job data. According to the Labour Department, the US economy gained 206,000 jobs in June, a decline from May figures.
Furthermore, the unemployment rate grew to 4.1% from 4% with commentators tipping stronger reasons for interest rate cuts. The Federal Reserve announcing rate cuts is a bullish signal as more funds will flow to the maker while the reverse tightens market activities. Crypto stocks would benefit from a rate cut however, several factors led to a bearish trend in these assets.
Crypto Stocks Remain Red
A plethora of crypto stocks continue negative trading to end the week extending weekly losses. Coinbase (COIN), the largest digital asset exchange by volume in the United States dropped 0.56% trading at $223. The asset’s weekly numbers are still slightly negative with 0.13% while long-term outflows are at 11%.
Similarly, MicroStrategy (MSTR), saw losses of 1.56% today falling to $1,281. Portraying the bearish outlook is the asset’s 15% weekly plunge wiping out previous gains marked in Q1 2024. Bitcoin (
BTC) mining companies also compounded exits as many traded in line with the underlying asset. Marathon Digital (MARA) exchanges hands at $20.17, a 3.86% decline in the last 24 hours. Monthly figures also point downward for the asset.
Crypto Freefall Stalls Stocks
While big tech soared Nasdaq and the S&P 500, crypto stocks failed to replicate their performance. Meta Platforms recorded 4% gains while Tesla picked up 2% inflows today. Microsoft, Apple, and Alphabet notched positive numbers at market close. Crypto assets were down because of the price fall and liquidations among cryptocurrencies. Bitcoin price fell below $55,000 while altcoins and meme coins saw a similar decline. Outflows from spot Bitcoin ETFs also contributed to the bearish sentiment.
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