{"id":83575,"date":"2024-07-05T21:32:32","date_gmt":"2024-07-06T01:32:32","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=83575"},"modified":"2024-07-05T21:32:35","modified_gmt":"2024-07-06T01:32:35","slug":"cryptocurrency-stocks-fail-to-profit-on-big-tech-sector-surge","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/cryptocurrency-stocks-fail-to-profit-on-big-tech-sector-surge\/","title":{"rendered":"Cryptocurrency Stocks Fail To Profit on Big Tech Sector Surge"},"content":{"rendered":"\n

The US Job data drove the markets to reach new highs, while cryptocurrency stocks <\/a>declined despite the possibility of rate decreases this year.<\/p>\n\n\n\n

\"Crypto
Crypto Stocks Fail To Profit on Big Tech Sector Surge<\/em><\/figcaption><\/figure>\n\n\n\n

Crypto equities could not capitalize on the opportunity to experience a rally following the stock market's significant gains. Following a shift in macro factors associated with the recently released U.S. job data, the U.S. market experienced gains nearly at its peak. According to the Labor Department, the U.S. economy added 206,000 positions in June, a decrease from the figures reported in May.<\/p>\n\n\n\n

Additionally, the unemployment rate increased from 4% to 4.1%, prompting analysts to anticipate more compelling justifications for interest rate reductions. The Federal Reserve\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>‘s rate reduction announcement is a bullish signal, as it will attract additional funds to the maker, while the converse will result in a tightening of market activities. Although a rate reduction would be advantageous for crypto stocks, a bearish trend in these assets was precipitated by various factors.<\/p>\n\n\n\n

Cryptocurrency stocks continue to decline<\/strong><\/h3>\n\n\n\n

The weekly losses are being extended due to the continued negative trading of many crypto equities to the end of the week. Trading at $223, Coinbase (COIN)<\/a>, the most prominent digital asset exchange in the United States by volume, experienced a 0.56% decline. The asset's weekly numbers are still marginally negative, at 0.13%, while long-term outflows are 11%.<\/p>\n\n\n\n

Similarly, MicroStrategy (MSTR) experienced a 1.56% decline in value today, resulting in a price of $1,281. The asset's 15% weekly decline, which erased the gains achieved in Q1 2024, reflects a bearish outlook. Exits were also exacerbated by Bitcoin (BTC) mining<\/a> companies, as many traded by the underlying asset. The stock of Marathon Digital (MARA) has decreased by 3.86% in the past 24 hours, trading at $20.17. The asset's monthly figures also indicate a decline.<\/p>\n\n\n\n

Cryptocurrency Volatility Halts Stocks<\/strong><\/h3>\n\n\n\n

Crypto equities could not replicate the performance of Nasdaq and the S&P 500, which demonstrated a surge in big tech. Today, Tesla experienced 2% inflows, while Meta Platforms accrued 4% gains. After the market, Microsoft, Apple, and Alphabet all achieved positive results. The price decline and liquidations among cryptocurrencies were the reasons for the decline in crypto assets. The price of Bitcoin plummeted below $55,000, and altcoins and meme coins experienced comparable decreases. Outflows from spot Bitcoin ETFs also exacerbated the adverse sentiment.<\/p>\n","protected":false},"excerpt":{"rendered":"

The US Job data drove the markets to reach new highs, while cryptocurrency stocks declined despite the possibility of rate decreases this year. Crypto equities could not capitalize on the opportunity to experience a rally following the stock market’s significant gains. Following a shift in macro factors associated with the recently released U.S. job data, […]<\/p>\n","protected":false},"author":59,"featured_media":81750,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[12097,20385,539],"class_list":["post-83575","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-coinbase-coin-2","tag-crypto-stocks-2","tag-microstrategy"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/06\/thumbnail_crypto-crash_1-sixteen_nine.avif","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/83575","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=83575"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/83575\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/81750"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=83575"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=83575"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=83575"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}