As the week began, crypto stocks faced downward pressure as traders took profits after a steep rally on Friday. The decline in shares of crypto-linked companies like Marathon Digital and Circle was notable, coinciding with significant drops in Bitcoin and Ethereum prices following their recent highs.

Key Points:

• Crypto-related stocks, particularly those of Marathon (MARA) and Circle (CRCL), slid by approximately 6% during early sessions on Monday.
• Other notable stocks experienced declines, including Bullish (BLSH) down 5% and Strategy (MSTR) down 3%.
• This selloff follows Friday’s bullish surge, which was attributed to dovish comments from Jerome Powell, hinting at potential interest rate cuts, which had previously enhanced market confidence.

The market experienced a pullback as both Bitcoin and Ethereum retreated from their weekend highs, with Bitcoin declining about 4% and Ethereum about 5.5% within 24 hours.

Quote from Joel Kruger: “The crypto market is grappling with macro pressures: shifting Fed signals, dollar strength, and risk reduction. While Powell hinted at rate cuts, the nuances left the markets still on edge.”

Upcoming earnings from Nvidia will be significant for market sentiment, along with Thursday’s GDP data and Friday’s core PCE.

For more detail, check the original CoinDesk article.