Crypto markets slid broadly on Tuesday, dragged down by a selloff in memory stocks. In a notable shift, Strategy announced it is choosing to hold cash and STRC over Bitcoin. Meanwhile, Coinbase is leaning into internet culture with a new meme-focused feature, and the Fomo app hit a fresh all-time high.
Strategy's pivot from Bitcoin
Strategy, the corporate Bitcoin holder, is changing course. The firm said it now prefers cash and STRC over BTC. The move marks a departure from its previous strategy of accumulating Bitcoin. No further details were provided on the size of the shift or the timeline.
Memory stocks drag crypto lower
The broader crypto market fell in tandem with memory chip stocks. The slide in semiconductor names spilled over into digital assets, with major coins posting losses. The correlation between tech equities and crypto remains tight.
Coinbase embraces memes
Coinbase is rolling out a new feature tied to memes. The exchange is leaning into the trend, though specifics on the feature's functionality were not disclosed. The move comes as meme coins continue to attract retail interest.
Fomo app reaches new peak
The Fomo app, a platform for crypto trading or social features, set a new all-time high. The milestone comes amid increased user activity. The app did not specify which metric hit the record.
For now, the crypto market is digesting the memory stock spillover, while Strategy, Coinbase, and Fomo app each chart their own course.
