Why Bitcoin and Related Stocks Plunged This Weekend
Here's what Trump's economic policies and the strategic Bitcoin reserve announcement may mean for crypto investors.
Bitcoin (CRYPTO: BTC) took a steep price cut over the weekend. As measured from Friday's market close, the cryptocurrency's price was down 8.9% by 10:45 a.m. on Monday morning. The iShares Bitcoin Trust ETF (NASDAQ: IBIT) fell 8.4% over the same period.
The list of affected stocks is long, digging into every niche of the crypto market. The leading American digital currency trading exchange Coinbase Global (NASDAQ: COIN) dropped 10.4%, while large-scale Bitcoin miner MARA Holdings (NASDAQ: MARA) took a 12.9% price cut.
The sectorwide market rout was chiefly inspired by two events:
