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Technology and cryptocurrency stocks see resurgence before Federal Reserve meeting

Exciting news for crypto enthusiasts today! After three consecutive days of outflows, crypto stocks have bounced back with inflows in the last 24 hours. This positive trend comes just in time for the Fed’s upcoming decision on interest rates. Despite the overall market trading sideways, crypto companies are seeing a surge in activity. Crypto stocks are assets linked to the values of Bitcoin (BTC), altcoins, and other digital assets.

Positive Momentum for Crypto Stocks

In the first quarter of 2024, crypto stocks experienced significant inflows, but last week, we witnessed some exits as market sentiment weakened. This trend was mirrored by the broader crypto asset market, which saw a decline after the release of the U.S. Job data. However, there has been a resurgence in day trading activity ahead of the Fed meeting, with tech and crypto stocks showing positive movement.

Coinbase (COIN) is leading the charge today with a 2.1% increase, trading at $241.81. This boost has pushed weekly gains above 8%, erasing previous losses. COIN often mirrors the performance of the overall crypto market, showing gains as digital asset prices rise and trading volumes increase.

Meanwhile, MicroStrategy (MSTR) remains bullish on Bitcoin, with a 0.25% rise today to trade at $1,599. This marks a positive shift, breaking out of the red zone. With a 28% monthly gain over the last 30 days, MSTR is optimistic about Bitcoin’s future price movements.

Mining stocks are also on the rise today, following a shift in sentiments towards positivity. Marathon Digital (MARA) saw a 1% increase, even though weekly figures are still in the negative. On the other hand, Canadian mining company Hut 8 is up 1.8% today, trading at $13.58, extending weekly gains to over 12%. Bitcoin mining stocks have outperformed other crypto stocks due to their previous gains as Bitcoin’s price soared above $71,500.

Anticipation Builds for Fed Meeting

All eyes are on the upcoming Fed meeting, with many market participants expecting similar outcomes to previous meetings. This expectation is based on the positive U.S. Job data and an increase in the country’s unemployment rate last month. After the release, crypto prices fell, with top coins struggling to bounce back. JPMorgan and Citi have revised their projected rate cuts, now forecasting cuts to come at a later date than initially predicted.

Stay Informed: Learn more about why the price of Bitcoin (BTC) is falling and the recent crypto liquidation exceeding $93 million.

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