Crypto Stocks Fail To Capitalize on Big Tech Rally

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.

Also Read: GameStop Stock Falls Further; Roaring Kitty’s Impact Wanes

The post Crypto Stocks Fail To Capitalize on Big Tech Rally appeared first on CoinGape.

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