Crypto Stocks: Things to Watch in Coinbase, Circle, MicroStrategy Stock Ahead of FOMC

Key Insights:

• The crypto stocks have recorded mixed trading today, with the Coinbase stock price falling nearly 2%, what’s up with MicroStrategy stock.
• Circle stock price defied market trends and added more than 4% in the pre-market session today.
• The investors appear to be trading cautiously ahead of the US FOMC and Fed Chair Jerome Powell’s speech today.

Coinbase (COIN) stock has gained notable traction lately, among other crypto stocks, as the broader digital assets space saw renewed bets from global traders. Donald Trump’s victory in the election has fueled hopes for crypto-friendly regulations in the US.

This development has boosted investors’ confidence, and many traders are entering the market with fresh bets on Wall Street crypto players.

So, here we explore some of the top crypto stocks, including Coinbase, that might gain investors’ attention ahead of the US FOMC interest-rate decision and Fed Chair Jerome Powell’s speech today.

FOMC & Fed Chair Powell’s Speech In Focus

The crypto market, as well as the broader financial sector, eagerly awaits the FOMC interest-rate cut decision from the US Fed, scheduled for later today. Besides, Fed Chair Jerome Powell is also scheduled to hold a press conference at 2:30 pm ET today.

However, the crypto stocks, including Coinbase (COIN) stock, MicroStrategy, MARA Holdings, and others, have recorded a decline in the pre-market session today. It appears that the investors are taking a pause ahead of the key events later today.

Meanwhile, the broader crypto market also witnessed a pullback today, indicating a cautious stance of the traders. However, analysts remain optimistic about the long-term trajectory of the sector.

Having said that, here we explore some of the top crypto stocks to watch amid the mixed sentiment in the broader digital assets space.

Top Crypto Stocks To Watch: Coinbase Stock, MSTR, & CRCL

Coinbase (COIN) Stock

The Coinbase stock price has lost around 2% in the pre-market session today and traded at $256. It’s worth noting that the COIN stock closed the previous session on a higher note, adding around 8% to $261.57 on June 16.

The crypto stock, with a market cap of $65.41 billion, has touched a 52-week high and low of $349.75 and $142.58, respectively. However, it’s worth noting that Rosenblatt Securities has given a “Buy” rating for Coinbase stock while setting its price target at $300.

The financial institution has cited the soaring crypto optimism globally as the primary reason behind maintaining its bullish outlook on the COIN stock price.

MicroStrategy (MSTR) stock

MicroStrategy stock and its executive Chairman, Michael Saylor, have continued to make headlines in the crypto space. The firm has been aggressively betting on Bitcoin recently, which has caught the eyes of traders.

Recently, MicroStrategy purchased 10,100 BTC, worth $1.05 billion, which has gained notable traction from market participants. However, despite the recent hype, the MicroStrategy stock price lost around 2% today to $374.85 during writing.

The MSTR stock also recorded a slight pullback in the prior session and closed Monday’s session at $382.25. Notably, the stock’s one-year high and low were recorded at $543 and $102.402, respectively.

Circle (CRCL) Stock

Despite the decline in MicroStrategy and Coinbase stock, stablecoin USDC issuer Circle has stayed in the green. During writing, CRCL stock was up more than 4% to $157.66, after closing the prior session at $151.06.

The Circle stock price added more than 13% on June 16, indicating soaring hype for the stock among investors. The company has recently debuted on Wall Street and since then has continued to attract investors’ attention.

With crypto-friendly regulations on a global scale and the soaring demand for stablecoins, Circle remains a strong contender among others.

How the Crypto Market is Faring Ahead of FOMC

The digital assets space has lost some of its recent gains, and the global crypto market cap fell by 1.2% to $3.29 trillion. The market pundits have cited the recent turbulent momentum to the cautious stance of the investors ahead of the US FOMC and Powell’s speech.

It’s worth noting that the market is anticipating the US Central Bank to maintain its policy rates at today’s meeting. According to the CME FedWatch Tool, there’s a 99.9% chance of the US Federal Reserve keeping the interest rate unchanged at today’s FOMC.

However, if the central bank decides to take a dovish stance, given the recent cooling inflation figures, it could trigger a massive rally in the broader financial market.

Despite that, investors should tread cautiously ahead of the decision and Fed Chair Jerome Powell’s conference, which might shed more clarity on the central bank’s upcoming stance.

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