Crypto mining stocks plunge as Fed warns of ‘difficult tradeoffs’
The post Crypto mining stocks plunge as Fed warns of ‘difficult tradeoffs’ appeared on BitcoinEthereumNews.com.
US crypto mining stocks tumbled at the close of May 28 trading after minutes published by the Federal Reserve signaled its growing uncertainty about the country’s economic outlook. The crypto market remained unscathed, despite the stock drops among crypto miners. Uncertainty about the economic outlook looms The minutes of the Federal Open Market Committee’s meeting on May 6 and 7, released on May 28, stated, “the Committee might face difficult tradeoffs if inflation proves to be more persistent while the outlooks for growth and employment weaken.” The Fed had decided after its meetings in early May to keep interest rates steady at 4.25% to 4.50%, with the minutes revealing the reason was due to “a further increase in uncertainty about the economic outlook and a rise in the risks of both higher unemployment and higher inflation.” Riot Platforms (RIOT) closed the May 28 trading day down 8.32%, CleanSpark (CLSK) tumbled 7.61%, and Mara Holdings closed down 9.61%, according to Google Finance data. MARA Holdings bounced back 2.56% in after-hours trading. Source: Google Finance Meanwhile, crypto exchange Coinbase (COIN) also dropped 4.55%, Michael Saylor’s Bitcoin-buying firm MicroStrategy (MSTR) extended its five-day downtrend, falling another 2.14% following a class-action lawsuit being filed, accusing the company’s officials of having failed to represent the nature of Bitcoin (BTC) investments accurately. The S&P 500 declined 0.56% over the trading day. Tension between Trump and the Fed It comes after recent tension between US President Donald Trump and the Federal Reserve, following Trump’s public criticism of the Fed Chair Jerome Powell for not cutting interest rates quickly enough. On April 17, Trump said, “Powell’s termination cannot come fast enough!” Related: Bitcoin sags below $108K as rate-cut bets evaporate before Fed minutes The crypto market remained relatively stable over the same period. Bitcoin is down 0.90% over…
Filed under: News - @ May 29, 2025 2:29 pm