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Just looked at the US stock market opening, and crypto-related coin stocks didn't perform very well today. Shares of a major crypto exchange (COIN) opened down 6.98%, leading the entire sector, making it the biggest loser among crypto stocks today. Related coin stocks like MSTR, Circle, and SBET also declined, down 1.80%, 2.48%, and 2.60% respectively. Bitmine was not spared, falling 1.91%.
The underlying reason is probably that Bitcoin has been a bit weak these past couple of days. BTC is currently around $80.87k, but it was rejected several times near $79,000, and this price pressure directly affected crypto stocks. It seems that crypto-related coin stocks are now moving independently, not following the overall market trend closely.
Interestingly, at the same time, semiconductor stocks are soaring. NXP jumped 21.7% after issuing strong Q2 guidance, driving ON Semiconductor up 6.4%, and Microchip also rose 4.8%. This clear divergence indicates that the pressure on crypto stocks is mainly due to internal risk factors.
The broader market itself didn't have a clear direction at open: Dow Jones up 0.04%, S&P 500 down 0.07%, Nasdaq down 0.28%. Currently, the market is waiting for Federal Reserve policies and tech giants' earnings reports, so overall enthusiasm is low. Under these conditions, whether coin stocks can rebound depends on whether BTC can hold its ground.