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U.S. stocks closed mixed and Treasury yields rose as minutes showed Federal Reserve officials were cautiously optimistic about the U.S. recovery at their April meeting, with some signaling theyâd be open âat some pointâ to discussing scaling back the central bankâs massive bond purchases.
The S&P 500 fell for a third day, and 10-year Treasury yields jumped to session highs following the release. Energy and raw-material stocks fell the most as commodities prices tumbled amid mounting concern about inflation and potential curbs on monetary stimulus. The Nasdaq 100 notched a small advance, boosted by late-day gains in tech stocks including Facebook Inc. and Alphabet Inc.
Bitcoin along with many other cryptocurrencies were deep in the red.
Investors that want to buy the weakness in cryptocurrencies are paying close attention.
The price of Bitcoin BTC/USD lost 20% Wednesday morning, bringing its seven-day losing tally to around 36%. The weakness extended beyond Bitcoin as many high-profiled cryptocurrency names were also down sharply.
Statement warning from China sends BTC lower
Bitcoin was trending lower over the past few days, in part due to Tesla Inc (NASDAQ: TSLA) CEO Elon Musk confirmed on Twitter his company is suspending Bitcoin transactions. While the CEO later clarified this is not the case, investors continued to focus on his public comments regarding the sustainability of Bitcoin mining and transactions.
Bitcoin stocks like Riot Blockchain and Marathon Digital have also pulled back.
Should you buy Riot Blockchain, or Marathon Digital, or both?
The price of bitcoin (BTC/USD) has plunged over the last few days and the selloff intensified Wednesday. Bitcoin’s extreme volatility, namely a correction of more than $20,000 from its highs, has some wondering if there are safer ways to gain exposure to the digital currency.
Investors with a long-term timeframe may want to take a look at two public companies that offer indirect exposure to Bitcoin. Riot Blockchain Inc (NASDAQ:RIOT) and Marathon Digital Holdings Inc (NASDAQ:MARA) are some of the most popular bitcoin mining stocks in the crypto market and are trading far removed from their all-time highs.