Crypto Mining Stocks Take a Dive: Fed’s Cryptic Warning Leaves Everyone Confused! 🤔

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In a turn of events that could only be described as “utterly predictable,” US crypto mining stocks took a nosedive at the close of trading on May 28. This delightful plunge was brought to you by the Federal Reserve, who, in their infinite wisdom, decided to publish minutes that hinted at their growing uncertainty about the economic outlook. Because, of course, who doesn’t love a good mystery? 🕵️‍♂️

Meanwhile, in a plot twist that would make even the most seasoned soap opera writer raise an eyebrow, the crypto market itself remained blissfully unscathed. It’s almost as if the miners were the only ones who forgot to bring their umbrellas to this economic rainstorm. ☔️

Uncertainty about the economic outlook looms

The minutes from 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.” In layman’s terms: “We have no idea what’s going on, but we’re going to keep pretending we do!”

After much deliberation (and probably a few cups of coffee), the Fed decided to keep interest rates steady at 4.25% to 4.50%. The reason? “A further increase in uncertainty about the economic outlook and a rise in the risks of both higher unemployment and higher inflation.” In other words, they’re just as confused as the rest of us. 🤷‍♂️

As for the stocks, Riot Platforms (RIOT) closed the day down 8.32%, CleanSpark (CLSK) tumbled 7.61%, and Mara Holdings fell 9.61%. It’s almost like they were competing in a race to the bottom! 🏁

Meanwhile, crypto exchange Coinbase (COIN) also dropped 4.55%, and Michael Saylor’s Bitcoin-buying firm MicroStrategy (MSTR) continued its five-day downtrend, falling another 2.14%. This was following a class-action lawsuit that accused the company’s officials of failing to accurately represent the nature of Bitcoin (BTC) investments. Because who doesn’t love a good lawsuit to spice things up? ⚖️

The S&P 500, in a show of solidarity, declined 0.56% over the trading day. It’s like a group therapy session for stocks, where everyone just agrees to feel miserable together.

Tension between Trump and the Fed

In a subplot that could only be described as “political theater,” recent tensions have arisen between US President Donald Trump and the Federal Reserve. Trump publicly criticized Fed Chair Jerome Powell for not cutting interest rates quickly enough, declaring, “Powell’s termination cannot come fast enough!” It’s always nice to see politicians and economists engaging in a friendly game of blame. 🎭

Despite all this chaos, the crypto market remained relatively stable. Bitcoin is down a mere 0.90% over the past 24 hours, trading at $107,942 at the time of publication. It’s almost as if Bitcoin is saying, “I’m too cool for this drama.” 😎

Market sentiment, however, took a turn for the better, with the Crypto Fear & Greed Index climbing three points to 74, moving further into “Greed” territory. Because nothing says “we’re all in this together” like a little bit of greed, right?

The next Federal Reserve interest rate decision is set for June 18, with 97.8% of market participants expecting rates to remain unchanged. Because why change things when you can just keep everyone guessing? 🤔

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2025-05-29 06:44