Cryptocurrency-exposed stocks fall as Bitcoin rally loses some steam

January 30, 2023 10:06 AM EST

By Scott Kanowsky -- Shares in cryptocurrency-exposed stocks dropped on Monday, as Bitcoin fell ahead of a week of major central bank interest rate decisions and key corporate earnings.

At 09:37 ET (14:37 GMT), the value of Bitcoin dipped by 1.7% to $23,138.6, backing away slightly from a recent rally that has placed the digital token on track for its best monthly performance since 2020.

Exchange platform Coinbase Global Inc (NASDAQ: COIN), as well as cryptocurrency miners Riot (NASDAQ: RIOT) and Marathon Digital Holdings Inc (NASDAQ: MARA), all subsequently saw their shares slip.

Investors are focused on a two-day Federal Reserve meeting set for Tuesday and Wednesday. While the Fed is widely anticipated to raise interest rates by 25 basis points, its outlook on monetary policy will be closely watched, given that data has painted a somewhat mixed picture of the current state of the world’s largest economy.

The European Central Bank and the Bank of England will also unveil fresh policy decisions on Thursday.

Meanwhile, a slew of U.S. tech earnings is scheduled to be released this week, with traders keen to find any clues about the health of the industry. Among the big players in the industry to provide updates are Amazon (NASDAQ: AMZN), Apple (NASDAQ: AAPL), Google-parent Alphabet (NASDAQ: GOOGL) and Facebook-owner Meta Platforms Inc (NASDAQ: META).

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