Crypto mining stocks plunge as Fed warns of ‘difficult tradeoffs’
US crypto mining stocks declined on May 28, with Riot Platforms down 8.32%, CleanSpark down 7.61%, and Mara Holdings down 9.61%. The Federal Reserve's minutes from its May 6-7 meeting indicated uncertainty about the economic outlook, leading to a decision to maintain interest rates at 4.25% to 4.50%. The Fed expressed concerns over persistent inflation and potential increases in unemployment. Coinbase fell 4.55%, and MicroStrategy dropped 2.14% amid a class-action lawsuit regarding Bitcoin investments. The S&P 500 decreased by 0.56%. Despite these stock declines, the crypto market remained stable, with Bitcoin trading at $107,942, down 0.90%. The Crypto Fear & Greed Index rose to 74, indicating increased market optimism. The next Federal Reserve interest rate decision is anticipated on June 18, with a majority expecting rates to remain unchanged.
