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Crypto stocks pare gains as bitcoin retreats from $90,000 rally

AI Summary4 min read

TL;DR

The crypto market rally reversed as Bitcoin fell from near $90,000 to around $86,500, dragging down major cryptocurrencies and crypto-linked stocks. Mining stocks like MARA and CORZ declined sharply, though Hut 8 surged on a $7 billion lease deal. The pullback occurred despite Fed commentary and amid broader market caution.

Key Takeaways

  • •Bitcoin retreated 3.9% to ~$86,500 after rallying toward $90,000, with Ether and XRP also dropping over 4%.
  • •Crypto-linked stocks pulled back, with mining companies MARA and Core Scientific down 4.8% and 6% respectively.
  • •Hut 8 was a standout performer, up 12.8% after announcing a $7 billion, 15-year lease agreement with Fluidstack.
  • •The reversal occurred despite Federal Reserve Governor Chris Waller's comments and high market odds against a January rate cut.
  • •Analysts caution against overinterpreting Bitcoin's price action due to year-end positioning and tax considerations.
(CoinDesk)
(CoinDesk)

What to know:

  • The crypto market rally reversed, with bitcoin (BTC) falling 3.9% to around $86,500 and ether (ETH) losing 5.3% and and XRP dropping 4.1%.
  • Crypto-linked stocks also pulled back, with miners like MARA Holdings (MARA) down 4.8% and Core Scientific (CORZ) down 6%.
  • Hut 8 (HUT) remains up 12.8% after signing a $7 billion lease agreement.
  • The crypto market rally reversed, with bitcoin (BTC) falling 3.9% to around $86,500 and ether (ETH) losing 5.3% and and XRP dropping 4.1%.
  • Crypto-linked stocks also pulled back, with miners like MARA Holdings (MARA) down 4.8% and Core Scientific (CORZ) down 6%.
  • Hut 8 (HUT) remains up 12.8% after signing a $7 billion lease agreement.

The rally in crypto-linked stocks faded shortly after it started as bitcoin BTC$87,241.25 reversed from a move above $90,000. BTC is now trading around $86,500, down about 3.9% in the past hour.

Other cryptocurrencies also declined. The price of ether ETH$2,871.93 fell 5.3% to about $2,850 and XRP slipped 4.1% to roughly $1.89. The wider market, measured via the CoinDesk 20 (CD20) index, is now down 1.5% for the day.

The pullback hit miners hard. MARA Holdings (MARA) erased gains and is now 4.8% lower on the day, Core Scientific (CORZ) slid 6%. CleanSpark (CLSK), one of the outperformers earlier, gave back all of its gains to trade down 0.38% and Riot Platforms (RIOT) lost 0.7%.

Trading and crypto services stocks also cooled. Circle Internet (CRCL), the issuer of the USDC stablecoin, fell 3.2%, Strategy (MSTR), the largest corporate holder of bitcoin, fell 2% and Galaxy Digital (GLXY) slipped 1.9%. Crypto exchange Coinbase (COIN) dipped 0.55%.

One standout that remains positive is Hut 8 (HUT), which surged 20% in early trading after announcing a 15-year, $7 billion lease agreement with AI infrastructure firm Fluidstack. It remains up more than 12% on the day.

The reversal came even as Fed Governor Chris Waller, now a favorite in prediction markets to replace Jerome Powell as chair of the Federal Reserve, talked down the neutral stance on interest rates and said job growth looks close to zero.

Even so, Polymarket and Kalshi both show odds of more than 70% of no rate reduction in January. The CME’s FedWatch points in the same direction.

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Disclosure & Polices: CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of Bullish (NYSE:BLSH), an institutionally focused global digital asset platform that provides market infrastructure and information services. Bullish owns and invests in digital asset businesses and digital assets and CoinDesk employees, including journalists, may receive Bullish equity-based compensation.

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