Crypto Stocks Crater as Bitcoin Drops to $113K, Risk Sentiment Wanes Ahead of Jackson Hole

Crypto-linked equities suffered sharp losses on Tuesday as risk appetite faltered and bitcoin fell to $113,000, its lowest level in weeks.

MicroStrategy (MSTR), the largest publicly traded holder of bitcoin, slid 7.8% to close at $336 — marking its weakest finish since April 22.

Ethereum-focused firms SharpLink Gaming (SBET) and BitMine (BMNR) lost between 8% and 9%, while Solana-aligned companies DeFi Development (DFDV) and Upexi (UPXI) were hit harder, falling 13.7% and 9%, respectively.

Shares of digital asset investment firm Galaxy Digital (GLXY) plunged 10%. Other major crypto platforms also declined, with Robinhood (HOOD) down 6.5% and Coinbase (COIN) dropping 5.8%.

Bitcoin mining stocks followed suit. MARA Holdings (MARA) lost nearly 6%, while high-performance computing players Bitdeer (BTDR), Iris Energy (IREN), and Hut 8 (HUT) all sank close to 10%.

The rout comes as investors brace for Fed Chair Jerome Powell’s speech this Friday at the Jackson Hole Economic Symposium, with markets growing cautious over potential signals on future monetary policy.