TechFlow, August 2 — U.S. stocks closed lower across the board today, with the Nasdaq dropping 2.24%. Cryptocurrency-related stocks fell more sharply, generally outpacing declines in cryptocurrencies themselves.
The day before (August 1), Bitcoin briefly dropped below $112,800, and the negative sentiment spilled into U.S. markets, triggering a chain of sell-offs:
- Coinbase (COIN) down 16.70%, volume $10.05 billion
- Circle (CRCL) down 8.40%, volume $2.23 billion
- MicroStrategy (MSTR) down 8.77%
- Galaxy Digital (GLXY) down 5.40%
- Riot Platforms (RIOT) down 17.75%
- Bit Digital (BTBT) down 6.53%
- BTCS down 11.16%, VAPE down nearly 40% over two days
Analysts point to Bitcoin’s sharp pullback from highs, combined with expectations of Federal Reserve tightening and policy uncertainties, as key factors driving increased risk aversion among investors, leading to heightened volatility in tech and crypto assets.
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