Strategy Tumbles to 4-Month Low as Crypto Stocks, Digital Asset Treasuries Sink
Crypto-related stocks tumbled on Tuesday in a broad-market crypto slide that brought bitcoin (BTC) down to $113,000.
Strategy (MSTR), the largest corporate owner of BTC, closed the session 7.8% down at $336, at its weakest price since April 22.
Ethereum (ETH) treasury firms SharpLink Gaming (SBET) and BitMine (BMNR) lost 8%-9%, while Solana-focused accumulators DeFi Development (DFDV) and Upexi (UPXI) plunged 13.7% and 9%, respectively.
Digital asset investment firm Galaxy (GLXY) slid 10%, while Robinhood (HOOD) sank 6.5% and Coinbase (COIN) fell 5.8%. BTC miner MARA Holdings (MARA) declined nearly 6%, while some high-flying HPC names like Bitdeer (BTDR), IREN (IREN) and Hut 8 (HUT) plummeted nearly 10%.
Risk appetite quickly evaporated this week as traders anticipate Fed Chair Jerome Powell’s Friday speech at Jackson Hole, Wyoming.
Read more: Bitcoin Drops Below $114K, Ether Loses $4.2K as Jackson Hole Speech Might Bring Hawkish Surprise
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