Crypto stocks tumbled on Tuesday as investors shifted their focus away from tech companies and riskier assets. Coinbase and eToro fell 5% and 6%, respectively, while Robinhood and Bullish both dropped over 6%. Galaxy Digital lost 10%, a decline seen in other crypto treasury firms like Strategy (-7%), SharpLink Gaming (-8%), and Bitmine Immersion (-9%). Stablecoin issuer Circle was down 4.5%.
The price of bitcoin pulled back nearly 3% to around $113,000, while ether dropped over 5% to $4,100. The Nasdaq Composite fell over 1%, weighed down by tech heavyweights Nvidia and others.
The crypto market’s sensitivity to tech stocks is largely due to its growth-oriented investor base, speculative nature, and low interest rate environment. Investors are now watching the Federal Reserve’s annual economic symposium in Jackson Hole for clues on potential policy changes.
If Fed Chair Jerome Powell signals more dovish policy, crypto may bounce. However, investors expect a pullback in August and September due to upcoming Fed meetings where policymakers may implement rate cuts.
Source: https://www.cnbc.com/2025/08/19/crypto-market-today.html