Crypto Stocks Plunge Amid Risk-Off Mode: Market Uncertainty After Powell’s Jackson Hole Speech

Crypto stocks experienced a dramatic sell-off on Tuesday, with investors reacting to rising uncertainty as investors shifted away from riskier assets following last week’s rally fueled by speculation over potential interest rate cuts. However, the momentum abruptly reversed after traders were spooked by the impending comments from Federal Reserve Chair Jerome Powell at the upcoming Jackson Hole summit in Wyoming.