Crypto Stocks Drop Amid Fed Rate Hike Fears

The crypto stocks of major players like Coinbase (COIN), Bitmine (BMNR), and Circle (CRCL) took a hit today as BTC prices hovered near flatline amid Fed rate hike fears. Despite recent losses, COIN added over 23% in the past 30 days. The stock price prediction for COIN is being watched closely ahead of US Job data.

Meanwhile, BMNR fell by around 5%, while CRCL's stock price dropped more than 5% today and traded at $90.65. Notably, some market experts like Cathie Wood remain bullish on the Circle (CRCL) stock price. The dip in crypto stocks comes as investors anticipate a potential Fed rate hike in September.

According to the CME FedWatch Tool, the odds of a likely Fed rate hike in September now sit at around 67%, up from around 40% last week. This hawkish sentiment has weighed on investor confidence, impacting the performance of crypto stocks today.