Why Are Crypto Stocks COIN, MSTR, MARA, RIOT Down Today?

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Why Are Crypto Stocks COIN, MSTR, MARA, RIOT Down Today?

InvestorPlace2022-09-20

Several crypto stocks are trending and down today.These include Coinbase Global , MicroStrategy , Marathon Digital and Riot Blockchain .It appears anxiety over Wednesday's Federal Reserve decision is...

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uppercut
·2022-09-20
market hype, simply non conclusive, yet therefore let's see what happens
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People who trade crypto stocks like Coinbase Global , MicroStrategy , Marathon Digital  and Riot Blockchain  are on edge today. These stocks are in the red as investor await a crucial Federal Reserve decision.This month’s FOMC meeting actually starts tomorrow, but the sense of anxiety is likely to persist until Wednesday. That’s because the Fed will almost certainly announce a federal funds rate increase on Sept. 21.At this point, it’s not a question of if, but rather how much. Will the Federal Reserve raise the benchmark interest rate by 50 basis points or 75? The odds seem to weigh in favor of 75, and higher bond yields could put negative pressure on high-risk and growth assets.Among those assets, of course, is cryptocurrency. Yet, the price damage could spread to a number of crypto stocks. Some of them will get hit harder than others, though.What’s Happening With Popular Crypto Stocks Today?Each company and stock will be impacted differently by the looming Fed decision. To a certain extent, it’s a function of how much exposure each company has to cryptocurrency tokens such as Bitcoin (BTC-USD).For instance, Coinbase’s business depends heavily on Bitcoin trading. So, it shouldn’t be too surprising that COIN stock tumbled 5% this morning. MicroStrategy owns some Bitcoin, but it’s an analytics software and services company that isn’t entirely tied to crypto. MSTR stock fell 1.5% in early trading today.Interestingly enough, shares of Marathon Digital and Riot Blockchain held up relatively well this morning. In fact, MARA stock and RIOT stock only declined around 1% in the first half-hour of the trading session.Are Marathon Digital’s and Riot Blockchain’s investors not concerned about Wednesday’s Fed decision? Did they not notice Bitcoin’s under $20,000?Don’t jump to any hasty conclusions. The nervousness could build until 2:00 p.m. Eastern on Wednesday, when the big announcement will be made. 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