Bitcoin Slips to $113K as Crypto Stocks Face Heavy Selloff Ahead of Jackson Hole
Crypto markets faced a wave of selling pressure Tuesday as Bitcoin fell to $113,000, dragging down a wide range of digital asset-linked equities. Risk appetite continued to deteriorate ahead of Federal Reserve Chair Jerome Powell’s speech later this week.
MicroStrategy (MSTR), the largest corporate holder of BTC, tumbled 7.8% to $336 — its lowest closing level since April 22.
Firms with major Ethereum treasuries also suffered steep losses. SharpLink Gaming (SBET) and BitMine (BMNR) dropped between 8% and 9%, while Solana-related entities DeFi Development (DFDV) and Upexi (UPXI) plunged 13.7% and 9%, respectively.
Galaxy Digital (GLXY), a leading digital asset investment firm, led institutional declines with a 10% loss. Trading platforms were not spared: Robinhood (HOOD) slipped 6.5%, and Coinbase (COIN) fell 5.8%.
Bitcoin miners and high-performance computing names also came under pressure. MARA Holdings (MARA) fell nearly 6%, while Bitdeer (BTDR), Iris Energy (IREN), and Hut 8 (HUT) each lost close to 10%.
The downturn comes as markets brace for Powell’s Friday appearance at the Jackson Hole Economic Symposium — a potential catalyst for shifts in monetary policy that could impact broader risk assets, including cryptocurrencies.
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