Bitcoin and US cryptocurrency-related shares tumbled on Monday with the rest of the stock market after a weak jobs report and the Fed’s decision not to cut interest rates sparked fears of a US recession.
Crypto miners like CleanSpark, Bitfarms, Riot Platforms and Marathon Digital fell between 12% and 25% in early trade. The companies’ shares creeped up throughout the day, but still remained down overall. Crypto shares soared after Trump survived an assassination attempt at a Pennsylvania rally as investors assumed the event would would propel him to a victory in November over presumed Democratic nominee Biden. Morgan Stanley reportedly told its financial advisors
Crypto shares soared after Trump was shot in an assassination attempt and following his speech at the 2024 Bitcoin Conference.But a weak July jobs report Friday after the Federal Reserve decided to keep interest rates unchanged earlier in the week led to a massive sell-off.