Tech
Tech and crypto stocks rebound ahead of Fed meeting
Crypto stocks have seen inflows over the past 24 hours, ending the previous three days of outflows ahead of the Fed’s interest rate decision. Crypto firms are picking up the pace despite the broader market moving sideways. Crypto stocks are assets whose values are influenced by Bitcoin (BTC), altcoins, or other digital asset developments.
Crypto stocks point higher
Crypto stocks that saw massive inflows in the first quarter of 2024 saw exits last week as market sentiment weakened. These stocks followed broader crypto assets plummeting following the release of the
US employment 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% and is trading at $241.81 today. This pushed weekly gains above 8% and erased the market’s previous losses. CURRENCY often trades alongside the cryptocurrency market, posting gains as digital asset prices rebound and trading volumes increase.
MicroStrategy (MSTR) remains bullish on Bitcoin and trades at $1,599, up 0.25% above the red zone. The asset has maintained a monthly gain of 28% over the past 30 days amid bullish projections for the asset should Bitcoin’s price swing north.
Mining stocks also saw inflows today following a positive change in sentiment. Marathon Digital (MARA) is up 1% today, although the weekly numbers are still losing money. Meanwhile, Canadian mining company Hut 8 is up 1.8% and trades at $13.58 today, extending its weekly numbers above 12%. Bitcoin mining stocks performed better than other cryptocurrency stocks thanks to their earlier gains, when the price surpassed $71,500.
The market awaits the Fed meeting
Crypto market participants have set their sights on the Fed’s next meeting, and many analysts are predicting similar outcomes to past meetings. This is down to better-than-expected U.S. jobs data and the country’s rising unemployment rate last month. Private cryptocurrencies fell following the repost, with major coins struggling to recover. JP Morgan and Citi postponed its planned rate cuts to July as companies now believe the cuts will come much later
Read also: Why is the price of Bitcoin (BTC) decreasing? Cryptocurrency settlement exceeds $93 million
David is a financial news contributor with 4 years of experience in Blockchain technology and cryptocurrencies. He is interested in learning about emerging technologies and has an eye for the latest news. Staying up to date on trends, David has reported in several niches including regulation, partnerships, cryptocurrencies, stocks, NFTs, etc. Away from the financial markets, David cycles and rides horses.