Crypto-Exposed Stocks Slide as Bitcoin, Ether Reverse Gains
Crypto-linked equities started the week in negative territory after digital assets tumbled late Sunday, erasing much of Friday’s post-Fed rally.
MARA Holdings (MARA) and Circle (CRCL) were among the biggest losers, each down about 6% in early trading. Bullish (BLSH) fell 5%, while Strategy (MSTR) slipped 3%. Shares of Coinbase (COIN), eToro (ETOR), and Robinhood (HOOD) also traded lower, extending the weakness across the sector.
The declines tracked moves in the crypto market itself. Bitcoin (BTC) dropped around 4% in the past 24 hours, while ether (ETH) lost 5.5%, both sliding sharply from weekend highs.
Friday’s rally had been sparked by dovish remarks from Federal Reserve Chair Jerome Powell, which briefly fueled hopes of a September rate cut and lifted risk appetite across markets. But traders have since reassessed, with macro headwinds reasserting themselves.
“The crypto market is grappling with macro pressures: shifting Fed signals, dollar strength, and risk reduction,” said Joel Kruger, strategist at LMAX. “Powell’s tone suggested easing, but the lack of a firm dovish commitment left markets unsettled.”
Broader U.S. equity benchmarks were little changed Monday, with the S&P 500, Nasdaq, and Dow flat on the day. Gold and the 10-year Treasury yield also saw muted action.
Market watchers are now turning to Nvidia’s earnings report on Wednesday as the next major catalyst for risk sentiment, followed by Thursday’s GDP and jobless claims releases and Friday’s core PCE data.
