Crypto stocks, bitcoin in the red as investors grapple with economic data

Crypto stocks including bitcoin miners, Coinbase and MicroStrategy were all lower Monday morning

August 5, 2024 10:17 am

truenos86/Shutterstock modified by Blockworks

Markets are selling off as investors digest a jobs report from Friday that missed expectations and a Japanese stock crash.

The overall stock market is lower this morning, with the Nasdaq leading the decline.

When the bell rang to open markets this morning, Coinbase was down nearly 20% right as the market opened, roughly $40 dollars lower than its close at $204 a share on Friday. However, it was down less than 10% at time of publication.

MicroStrategy was down over 13%, trading around $1,200 Monday morning.

Miners — including Marathon Digital, CleanSpark, Riot and Core Scientific — are all in the red, with CleanSpark seeing the biggest decline.

Bitcoin, meanwhile, is just above $53,000 after dipping below $50,000. Back in late June, Ledn’s John Glover told Blockworks to keep an eye on the $49,000 level if bitcoin broke through the mid-$50,000 range.

As rumors of an emergency rate cut from the Federal Reserve circled around social media this morning, Chicago Fed President Austan Goolsbee told CNBC that while the jobs report certainly was weaker than anticipated, it doesn’t look like a recession just yet.

He also noted that everything’s on the table, but didn’t seem to signal that the Fed would even consider such a cut at this time.

Over the weekend, bitcoin and ether tumbled as investors grappled with the aforementioned sell-off in Japan. Ether fell after reports that Jump sent $136 million in ETH to exchanges including OKX and Binance, as noted by Blockworks’ David Canellis.

The overall market, after this weekend’s selloff, is down roughly 14.5%, per data from Coinbase.

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