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

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 3.2% to $29.1K at 3:48 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 2.1% to $1.84K. All in, the global crypto market cap slid 2.9% to $1.17T, according to data from CoinMarketCap. SA analyst John Miller reckons Monday's "pullback is part technical, as we toyed with the supports and resistances just above and below $30,000 on Bitcoin and $1900 on Ethereum in recent days," he said in an emailed statement. "I am not completely buying the floated explanation that this move today is directly related to traders selling the expected news of a more dovish FOMC statement on Wednesday, as the interest rate sensitive NASDAQ is flat today versus Friday’s close." (Added at 3:48 p.m. ET) 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