Share prices of companies in the cryptocurrency industry plunged after the market opened on Monday, with names like Coinbase and Galaxy Digital trading down by double digits.
The bearish start to the week for crypto stocks follows a rough weekend for liquid crypto tokens, which extended into Monday. Bitcoin is down more than 7% since early Saturday. All eyes will now be on the FOMC meeting this week which will begin the Fed's efforts to reduce its balance sheet as a way to fight mounting inflation.
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