Crypto stocks tumble alongside BTC, equities as tariff fears resurface
Main Idea
Crypto-related stocks and Bitcoin prices fell amid broader market declines driven by weak jobs data, inflation concerns, and renewed trade war fears.
Key Points
1. Shares of Coinbase, Riot Platforms, and CleanSpark dropped between 7% and 16%, mirroring broader market weakness with major indices like the Dow Jones, S&P 500, and Nasdaq also declining.
2. Coinbase's decline followed disappointing quarterly results, with $1.5 billion in revenue but lower transaction volumes and a net income of just $33 million excluding investment gains.
3. Riot Platforms reported strong Q2 results, more than doubling revenue to $153 million, but its stock still slumped, while CleanSpark's drop appeared unrelated to company-specific news.
4. Bitcoin fell below $115,000, contributing to the decline in crypto-related stocks, which are often seen as leveraged bets on Bitcoin's price.
5. Weak jobs data (73,000 jobs created vs. 100,000 expected) and higher-than-expected core PCE inflation complicated the case for near-term Federal Reserve policy easing.
6. Trade war concerns resurfaced as the White House published revised tariff rates ahead of the Aug. 1 trade agreement deadline.
Description
Shares of Coinbase, Riot Platforms and CleanSpark plunged amid a broader market sell-off driven by weak jobs data, inflation concerns and renewed tariff threats.
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