Crypto-linked stocks dip as bitcoin hits lowest level in a month

Cryptocurrency-exposed stocks kicked off the week in the red, despite gains across the broader equity market, as bitcoin ( BTC-USD ) failed to hold a key technical level and fell to the lowest intraday level for the first time in over a month. Bitcoin ( BTC-USD ) dipped 3.1% to $29K at 12:19 p.m. ET, after oscillating in the narrow $29.7K-$31.4K range over the past month. It retreated to as low as $28.8K during the 11 a.m. hour. The top digital coin wasn't alone in suffering losses, with ethereum ( ETH-USD ), the largest altcoin by market value, off 2.4% to $1.83K. All in, the global crypto market cap slid 2.5% to $1.17T, according to data from CoinMarketCap. With crypto-related stocks seen as a high-beta version of underlying token prices, it comes as no surprise that they also faced downward pressure. Among some of the biggest decliners include: Core Scientific ( OTCPK:CORZQ ) -9.5% , Greenidge Generation ( GREE ) -7.3% , Bit Digital ( BTBT ) -6.2% , HIVE Blockchain ( HIVE ) -5.1% , Riot Platforms ( RIOT ) -4.9% and Coinbase Global ( COIN ) -2.9% . By comparison, the overall stock market perked up , with all three major indices in the green, as investors braced for an eventful week ranging from corporate earnings to central bank policy decisions. More on the crypto market: Crypto investment products post minor outflows in past week - report Riot Platforms: My Levered BTC Bet BITQ: Significant Returns In The Crypto ETF Coinbase Fundamentals: Failing Business Model And No Profits In Sight