Crypto Stocks Drop Post-Market Despite Bitcoin Gain

On May 26th, during the post-market trading session, US stocks related to cryptocurrency concepts experienced a broad decline. Notable decreases were observed in several key players, including Strategy, which dropped by 0.86%, Coinbase, which fell by 0.62%, Riot Platforms, which declined by 0.35%, and MARA Holdings, which saw a decrease of 1.49%. This decline occurred despite the US stock market being closed for the day.

The decline in crypto-concept stocks post-market can be attributed to the overall market sentiment and the impact of geopolitical events on the cryptocurrency market. The delay in tariffs provided a temporary boost to the market, but the underlying uncertainty and volatility in the cryptocurrency market led to a broad decline in crypto-concept stocks. The market's reaction to the news highlights the sensitivity of the cryptocurrency market to geopolitical events and the impact of market sentiment on the performance of crypto-concept stocks.

Bitcoin, the largest cryptocurrency by market capitalization, saw a slight increase of 1.18%, reaching $109,221.97. Ethereum, the second-largest cryptocurrency, also rose by 0.95%, reaching $2,555.88. However, Dogecoin experienced a slight dip of 0.05%, trading at $0.2253. The rise in Bitcoin and Ethereum prices came after President Donald Trump delayed tariffs on European Union imports by over a month. This decision followed a call with European Commission President Ursula von der Leyen, where Trump agreed to postpone the 50% tariffs until July 9 from June 1. This news had a positive impact on the broader market, lifting Ethereum and other cryptocurrencies by a few notches. However, the market had previously been pulled lower on Friday after Trump threatened to impose 50% levies on one of its biggest trading partners, causing Bitcoin's red-hot rally to be halted and falling as low as $107,500.

The cryptocurrency market retained the “Greed” sentiment, as indicated by the Crypto Fear and Greed Index. This sentiment was reflected in the market's reaction to the news, with Bitcoin's Open Interest rising 1.96% in the last 24 hours to $76 billion, following a decline from the highs of $80 billion on tariff developments. Over 58% of Binance traders with open BTC positions were short on the leading cryptocurrency, suggesting further downsides could be on the way.