2023-07-24 12:19:01 ET
Cryptocurrency-exposed stocks kicked off the week in the red, despite gains across the broader equity market, as bitcoin ( BTC-USD ) failed to hold a key technical level and fell to the lowest intraday level for the first time in over a month.
Bitcoin ( BTC-USD ) dipped 3.1% to $29K at 12:19 p.m. ET, after oscillating in the $29.7K-$31.4K range over the past month. It retreated to as low as $28.8K during the 11 a.m. hour.
The top digital coin wasn't alone in suffering losses, with ethereum ( ETH-USD ), the largest altcoin by market value, off 2.4% to $1.83K. All in, the global crypto market cap slid 2.5% to $1.17T, according to data from CoinMarketCap.
With crypto-related stocks seen as a high-beta version of underlying token prices, it comes at no surprise that they also faced downward pressure. Among some of the biggest decliners include: Core Scientific ( OTCPK:CORZQ ) -9.5% , Greenidge Generation ( GREE ) -7.3% , Bit Digital ( BTBT ) -6.2% , HIVE Blockchain ( HIVE ) -5.1% , Riot Platforms ( RIOT ) -4.9% and Coinbase Global ( COIN ) -2.9% .
By comparison, the overall stock market perked up , with all three major indices in the green, as investors braced for an eventful week ranging from corporate earnings to central bank policy decisions.
More on the crypto market:
- Crypto investment products post minor outflows in past week - report
- Riot Platforms: My Levered BTC Bet
- BITQ: Significant Returns In The Crypto ETF
- Coinbase Fundamentals: Failing Business Model And No Profits In Sight
For further details see:
Crypto-linked stocks dip as bitcoin hits lowest level in a month