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Investors are moving away from risky assets like cryptocurrency and blockchain-related stocks ahead of the Fed meeting. Shares of MicroStrategy, Riot Blockchain Inc and Marathon Digital fell. The top 30 cryptocurrencies, based on market capitalization, suffered double-digit price declines.
Investors are taking a risk-free approach ahead of Tuesday and Wednesday’s Federal Reserve meeting, trimming their positions in cryptocurrency and blockchain-related stocks. The Bitcoin price tumbled over the weekend, falling to half of its all-time high.
Cryptocurrency stocks continue to bleed ahead of Fed meeting
The cryptocurrency market saw a massive price drop over the weekend. Bitcoin and altcoins in the top 30 started to bleed.
The price of Bitcoin has fallen to half of its November high. Cryptocurrency stock prices fell as investors pulled back, in a risky approach ahead of the Federal Reserve’s next meeting.
Proponents believe Tuesday and Wednesday’s Fed meeting triggered the reduction of positions in cryptocurrency stocks like MicroStrategy, Riot Blockchain Inc and Marathon Digital holdings.
After a massive bloodbath in the cryptocurrency ecosystem, over $200 billion in market cap was wiped out. This triggered a significant decline in cryptocurrency stock prices.
Shares of one of the biggest cryptocurrency institutions like MicroStrategy (MSTR) and Grayscale Bitcoin Trust (GBTC) fell 8% and 13% respectively. The share price of Tesla, the electric car company that recently revealed it would accept Dogecoin as payment for its goods, held its own lower.
Based on data from cryptocurrency platform CoinGecko, the top 30 cryptocurrencies based on market capitalization suffered double-digit price declines. Solana, Cardano and Terra prices fell by more than 15%. The price of Bitcoin has fallen 50% from its all-time high.
Proponents believe that the outcome of the Fed meeting could impact cryptocurrency stock prices and crypto market capitalization.
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