Crypto stocks tumble as Bitcoin drops amid broad based selloff

Investing.comAug 5, 2024 9:14 AM

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Investing.com -- Crypto stocks Coinbase (NASDAQ:COIN), Bitfarms (NASDAQ:BITF), Riot Platforms (NASDAQ:RIOT), and CleanSpark (NASDAQ:CLSK) all tumbled more than 10% on Monday as a broad-based selloff gripped global markets.

Fears of a potential economic slowdown in the United States triggered the sell-off. A disappointing US jobs report released on Friday, which showed an unexpected rise in the unemployment rate for July, heightening worries about the economic outlook.

This rise in unemployment raised alarms that the Federal Reserve’s delay in lowering interest rates might exacerbate economic challenges, potentially steering the US economy towards a recession.

Investors responded by shifting away from risky assets, including cryptocurrencies and their related stocks, amid uncertainties about future economic conditions and monetary policy.

Bitcoin, the world's largest cryptocurrency, plunged 13.2% to $52,580.2 on Monday as of ET 5:12 am (0912 GMT)

The US dollar index, which measures the value of the dollar against a basket of major currencies, fell by 0.7% to $102.48.

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