Circle, Bitcoin Treasuries Lead Crypto Stock Losses Amid Bitcoin Losses

Digital asset-focused stocks suffered significant losses on Wednesday as Bitcoin and other major cryptocurrencies continued their downward trend. Circle, the stablecoin issuer, closed at $69.72, marking a nearly 9% decrease after hitting its lowest point since its June debut. The largest crypto treasury, Strategy, saw a decline close to 10%, while Ethereum-focused Bitmine Immersion fell 9.6%. Bitcoin was trading around $92,000, down 2.7% in the past 24 hours, and dipped below $88,600 during trading for the first time since late April. Bitcoin's price has decreased by 4% for the year, down from a record high of over $126,000 just six weeks ago. The general sentiment in the crypto market has soured, with many investors growing increasingly wary due to economic uncertainty and declining hopes for interest rate cuts by the Federal Reserve. Notably, BlackRock's iShares Bitcoin Trust experienced record outflows, with over $1.4 billion withdrawn since last Thursday. The overall crypto market cap fell to $3.04 trillion, showing a 4.82% decline in just 24 hours. Amid this downturn, some companies associated with the sector, like Coinbase and Robinhood Markets, saw minimal changes in their stock prices, with Robinhood actually gaining 3.3%.

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