Crypto Stocks Slide as Bitcoin Drops to $113K Ahead of Fed Remarks
Bitcoin fell to $113,000 on Tuesday, sparking a sharp selloff across crypto-linked equities as investors pulled back from risk ahead of Federal Reserve Chair Jerome Powell’s highly anticipated speech at Jackson Hole.
MicroStrategy (MSTR), known for holding the largest corporate treasury of BTC, dropped 7.8% to $336 — its lowest closing price since April 22.
Ethereum-aligned firms SharpLink Gaming (SBET) and BitMine (BMNR) were also hit hard, shedding 8% to 9%. Solana-focused players DeFi Development (DFDV) and Upexi (UPXI) fared worse, plunging 13.7% and 9%, respectively.
Digital asset investment firm Galaxy Digital (GLXY) lost 10%, leading losses among institutional players. Robinhood (HOOD) and Coinbase (COIN) fell 6.5% and 5.8%, respectively, as trading volumes thinned.
Meanwhile, bitcoin mining and infrastructure stocks were swept up in the downturn. MARA Holdings (MARA) declined nearly 6%, while Bitdeer (BTDR), Iris Energy (IREN), and Hut 8 (HUT) all sank around 10%.
The market-wide retreat underscores growing investor caution as Powell’s Friday remarks could hint at future monetary policy shifts — with potential implications for digital asset valuations and broader risk sentiment.
