Crypto Stocks Plunge as Bitcoin Resumes Its Slide


Bitcoin (BTC-USD) resumed its pullback in Tuesday mid-afternoon trading after failing to push through a key multi-day resistance level. The cryptocurrency slid 2.1% to $26.80K at 3:46 p.m. ET, after flirting with $27.5K throughout most of the prior session amid cautious optimism following the latest round of debt-ceiling talks.

Other major digital tokens on the move include: ethereum (ETH-USD), down 1.5% to $1.80K, cardano (ADA-USD) -2.5%, dogecoin (DOGE-USD) -3.9% and polygon (MATIC-USD) -4.1%. Of course, the losses weighed on the overall crypto market value, falling 1.7% to $1.11T, according to CoinMarketCap data.

Elsewhere in the risk spectrum, all three major U.S. stock indices managed to stay in the green, with the tech-heavy Nasdaq, up 1.2%, rising the most as House Speaker Kevin McCarthy told reporters that a deal to raise or suspend the debt limit could be achieved as soon as this weekend.

Crypto-exposed stocks were mostly lower, with Marathon Digital (MARA) -7.3%, Galaxy Digital (OTCPK:BRPHF) -5.2%, Greenidge Generation (GREE) -9.5% and MGT Capital Investments (OTCPK:MGTI) -13.2% among the biggest losers, underscoring their strong correlation with crypto prices despite an up day in the broader stock market.

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