Crypto Shares Slid. Canaan Sank 8%; MicroStrategy Dropped 5%; Riot Platforms, CleanSpark, Coinbase Fell around 4%

Tiger Newspress12-23 23:06

Crypto shares slid on Monday. Canaan Inc. fell 8%; MicroStrategy fell 5%; Riot Platforms, CleanSpark, Inc., Coinbase fell around 4%; Bit Digital fell over 3%.

Bitcoin marked its first weekly decline since Donald Trump’s election victory as the Federal Reserve’s cautious policy outlook tempered optimism over the president-elect’s embrace of the crypto sector.

The largest digital asset was down more than 7% for the seven-day period through Monday, the biggest such drop since September. A wider crypto market gauge, encompassing smaller tokens such as Ether and meme-crowd favorite Dogecoin, suffered a sharper decline of about 10%.

The Fed on Wednesday delivered a third straight interest-rate cut while signaling a slower pace of monetary easing next year to keep inflation in check, sending global stocks into a tailspin. The hawkish pivot also damped the speculative spirits unleashed in the crypto market by Trump’s pledge of friendly regulations and his backing for a national Bitcoin stockpile. A record outflow from US exchange traded funds investing directly in Bitcoin last week will weigh on prices in the near term, said Sean McNulty, director of trading at liquidity provider Arbelos Markets.

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