- U.S. crypto mining stocks took a nosedive, like a bad stand-up comedian at a funeral.
- Fed rate uncertainty and Trump’s Bitcoin treasury plan are stirring up more FUD than a haunted house!
Today, U.S. crypto mining stocks decided to play hide and seek with their value, and guess what? They’re hiding! Just like my last diet plan, they’re nowhere to be found!
Earlier, a wave of selling pressure pushed Bitcoin [BTC] below the critical $110k level, triggering a downturn that was more intense than my Aunt Edna’s Thanksgiving dinner drama. 🍗
The market sentiment turned sour faster than a milk left out in the sun, creating what many described as a “bloodbath.” But don’t worry, folks, this pullback was shorter than a squirrel’s attention span!
Unexpectedly, the global cryptocurrency market capitalization jumped to $3.56 trillion, reflecting a remarkable 317.4% rise within 24 hours, according to CoinGecko. Talk about a comeback! It’s like Rocky Balboa in the ring, folks!
This was a swift rebound despite earlier market fears. Who knew crypto could be so dramatic?
Crypto mining stocks dip
While the overall crypto market showed signs of recovery, crypto mining and related tech stocks were still in the doghouse. They’re like the kid who didn’t get picked for the dodgeball team!
According to Google Finance, Riot Platforms [RIOT] closed on the 28th of May with an 8.32% decline, while CleanSpark [CLSK] and Marathon Digital Holdings [MARA] saw drops of 7.61% and 9.61%, respectively. Ouch! That’s gotta hurt!
Crypto exchange Coinbase [COIN] also faced a setback, dropping 4.55%. It’s like watching your favorite show get canceled!
Meanwhile, MicroStrategy [MSTR], known for its heavy Bitcoin holdings, extended its five-day losing streak with a 2.14% dip, amid growing legal troubles. It’s like a soap opera, but with more spreadsheets!
On a broader note, the S&P 500 also closed the day in the red, slipping by 0.56%. It’s a party, and everyone’s invited to the “down” side!
Why is crypto down today?
The sharp decline in crypto mining and tech-related stocks came shortly after the release of the Federal Open Market Committee’s (FOMC) meeting minutes from the 6th and the 7th of May. Spoiler alert: it wasn’t good news!
Published on the 28th of May, the document highlighted concerns about potential challenges ahead for the U.S. economy. It’s like reading the last chapter of a mystery novel and realizing you’re still confused!
The Fed noted it may face tough decisions if inflation proves more stubborn while growth and employment show signs of weakening. It’s like trying to choose between broccoli and chocolate cake—tough choices!
However, despite mounting pressures, the central bank opted to keep interest rates unchanged at 4.25% to 4.50%. They cited growing uncertainty surrounding the economic outlook and rising risks of both inflation and unemployment as key reasons behind the pause. Sounds like a classic case of “let’s just wait and see!”
Remarking on the same, trader Chapo noted,
Is Trump behind this fallout?
Looking ahead, the market remains on edge as the next Federal Reserve interest rate decision, scheduled for the 18th of June, approaches. It’s like waiting for the next season of your favorite show!
Nearly 97.8% of market participants anticipate that the Federal Reserve will maintain current interest rates, per the CME FedWatch Tool. It’s like everyone’s holding their breath!
Adding to the market’s anxiety is the announcement of Trump Media’s ambitious $2.5 billion plan to build a Bitcoin treasury, an initiative that has drawn mixed reactions. Some think it’s a bullish sign for crypto adoption, while others are just plain confused. It’s like trying to understand a plot twist in a Mel Brooks movie!
Compounding the uncertainty is the return of a 25% tariff on the EU beginning 1st June, reigniting inflation concerns just months after a temporary truce. It’s like a bad sequel nobody asked for!
Together, these developments have injected a fresh wave of FUD into an already volatile crypto landscape. Buckle up, folks, it’s going to be a bumpy ride! 🎢
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2025-05-29 17:17