Crypto-focused stocks dip with bitcoin, ether, other tokens

Crypto-linked equities retreated Tuesday as bitcoin (BTC-USD) drifted down toward a key technical support level that some are questioning whether it will continue to hold.

The world's largest digital token by market cap (BTC-USD) slid 2.2% in the last 24 hours to $103.7K, modestly above the psychological $100K mark, as of 11:19 a.m. ET. BTC briefly trailed $100K last week as crypto liquidations swelled. Other tokens on the move include: Official Trump (TRUMP-USD) -7.1%, Aave (AAVE-USD) -6%, Hedera Hashgraph (HBAR-USD) -4.8% Ethena (ENA-USD) -4.6%, Mantle (MANTLE-USD) -4.5%, Story (IP-USD) -4.3% and Ether (ETH-USD) -2.3%.

Crypto-tied stocks were mostly lower at press time, including: Strategy (MSTR) -1.1%, Coinbase Global (COIN) -1.8%, MARA Holdings (MARA) -4.7%, Riot Platforms (RIOT) -7.5%, Bitmine Immersion technologies (BMNR) -1.8%, SharpLink Gaming (SBET) -2.3%. Gemini Space Station (GEMI) saw its stock tumble 16% a day after turning in Q3 numbers, and Bitdeer Technologies (BTDR) dropped 10% on the back of mixed Q3 results.

At the same time, Wall Street’s broader market averages traded mixed, as investors awaited updates about the possible end of the U.S. government shutdown.

Arthur Azizov, founder and investor at B2 Ventures, contended that the crypto market will get a boost when the impasse officially ends. "Once federal agencies resume work, the SEC and CFTC are expected to continue their reviews of ETFs, including new spot applications for Bitcoin, Ethereum, and XRP," he said. "This should bring back both liquidity and confidence."