Crypto-Exposed Stocks Sink as Bitcoin Drops Below $114K, Eyes on Powell’s Jackson Hole Address
Crypto equities were hit hard on Tuesday as Bitcoin slipped to $113,000, triggering a broad market selloff ahead of Fed Chair Jerome Powell’s Friday speech at Jackson Hole.
MicroStrategy (MSTR), the largest publicly traded holder of bitcoin, dropped 7.8% to close at $336 — marking its weakest level in nearly four months.
Ethereum-tied companies also faced pressure, with SharpLink Gaming (SBET) and BitMine (BMNR) shedding 8% to 9%. Solana-focused players DeFi Development (DFDV) and Upexi (UPXI) posted steeper losses of 13.7% and 9%, respectively.
Digital asset investment firm Galaxy Digital (GLXY) slumped 10%, while trading platforms Robinhood (HOOD) and Coinbase (COIN) fell 6.5% and 5.8%, respectively.
Miners and HPC names weren’t spared. MARA Holdings (MARA) declined nearly 6%, and Bitdeer (BTDR), Iris Energy (IREN), and Hut 8 (HUT) all plunged close to 10%.
The market rout reflects growing caution as investors await Powell’s comments for clues on the Fed’s policy direction — a key macro driver for risk assets, including crypto.
