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Investing.com -- Bitcoin-linked stocks tumbled on Monday as the world’s largest cryptocurrency retreated from recent highs, erasing gains that had been sparked by dovish comments from Federal Reserve Chair Jerome Powell.
Strategy (NASDAQ:STGY) shares fell 4%, while Marathon Holdings (NASDAQ:MARA) and Riot Platforms (NASDAQ:RIOT) also dropped 4% each. Coinbase (NASDAQ:COIN) declined 2.8%, and Cipher Mining (NASDAQ:CIFR) slipped 2%.
Other crypto-related stocks were similarly affected, with Galaxy Digital (TSX:GLXY) down 4%, Hut 8 Corp (NASDAQ:HUT) falling 3%, and TeraWulf (NASDAQ:WULF) decreasing 2.2%. Bitmine Immersion Technologies (NASDAQ:BTIM) and SharpLink Gaming (NASDAQ:SBET) both shed 4%.
The sell-off followed Bitcoin’s slide to $111,000 on Monday, retreating from the rally that had been fueled by Powell’s dovish remarks at the Jackson Hole symposium. Ethereum also pulled back, trading near $4,550 after briefly spiking to a high of $4,955.
Cryptocurrency-focused stocks have been closely tracking the movements of digital assets in recent months, with their share prices often amplifying the volatility seen in the underlying crypto markets.
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