U.S. cryptocurrency mining stocks plummeted at the close on May 28, following the release of the Federal Reserve's meeting minutes, which indicated a rising uncertainty regarding the outlook for the U.S. economy.
Despite the decline in mining company stocks, the overall cryptocurrency market performed robustly.
The minutes from the Federal Open Market Committee meeting held on May 6 and 7 were released on May 28, stating, "If inflation remains persistently above expectations while economic growth and employment prospects weaken, the Committee may face difficult policy trade-offs."
The Federal Reserve decided to keep interest rates unchanged at 4.25% to 4.50% after its early May meeting, with the minutes revealing the reasons for this decision: "Uncertainty regarding the economic outlook has increased further, while the dual risks of rising unemployment and escalating inflation have also intensified."
According to Google Finance data, Riot Platforms (RIOT) fell 8.32% on May 28, CleanSpark (CLSK) dropped 7.61%, and Mara Holdings plummeted 9.61%.
At the same time, cryptocurrency exchange Coinbase (COIN) also declined by 4.55%, and Michael Saylor's Bitcoin (BTC) purchasing company MicroStrategy (MSTR) continued its five-day downward trend, falling another 2.14% after being named in a class-action lawsuit that accuses the company's executives of failing to accurately represent the true nature of Bitcoin investments.
The S&P 500 index fell 0.56% during the trading session.
Previously, tensions had arisen between President Trump and the Federal Reserve, with Trump publicly criticizing Fed Chair Powell for not lowering interest rates quickly enough. On April 17, Trump stated, "The sooner Powell's term ends, the better!"
During the same period, the cryptocurrency market remained relatively stable. At the time of writing, Bitcoin had decreased by 0.90% in the past 24 hours, trading at $107,942.
Market sentiment also improved, with the Crypto Fear and Greed Index rising three points to 74, further entering the "Greed" territory.
The Federal Reserve's next interest rate decision is scheduled for June 18, and according to CME FedWatch tool data, 97.8% of market participants expect rates to remain unchanged.
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This article does not contain any investment advice or recommendations. Any investment and trading activities involve risks, and readers should conduct their own research before making decisions.
Original article: “Cryptocurrency Mining Stocks Plunge, Federal Reserve Warns of 'Difficult Trade-offs'”
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