Crypto Market Plunges Amid Broader Market Weakness

The cryptocurrency market took a hit on Tuesday, July 28, 2026, falling 2.5% to around $2.45 trillion. This downturn wiped out more than $530 million in long bets and led to significant losses for several key stocks.

BMNR stock, backed by Tom Lee's Bitmine Immersion Technologies, led the decline with a 4% drop in pre-market trading. CRCL, MSTR, and ASST also tumbled over 3%, while retail sentiment around these companies remained bearish.

The broader market weakness was fueled by renewed concerns surrounding China's semiconductor industry and a selloff in South Korea's technology-heavy market. The Federal Reserve's upcoming policy meeting added to the uncertainty.