- MicroStrategy stock fell 10% on Tuesday, while Coinbase and other cryptocurrency stocks also sold off.
- Bitcoin prices traded as low as $60,600 before showing some recovery.
Shares of MicroStrategy, Coinbase, Riot Platforms and Marathon Digital are among the cryptocurrency-related stocks facing downward pressure amid Bitcoin’s price struggle.
MicroStrategy stock dump 10%
Coinbase’s COIN fell 3% to hover around $211.74 in Tuesday morning trading, while MicroStrategy’s MSTR stock fell more than 10% to $1,152. Shares of the Michael Saylor-led company have fallen more than 29% in the past 30 days.
Today’s double-digit dump for MicroStrategy stock comes a day after the company reported a first-quarter net loss.
Despite the impairment losses, the BTC buying software intelligence company reported adding more coins to its holdings. This includes the company’s 122 BTC. Acquisition In April, it spent $7.8 million, bringing its total carrying volume to 214,400 BTC.
Mining stocks look red as BTC struggles.
Bitcoin prices have struggled since the recent halving and were trading near $60,000 on Tuesday.
The decline was driven by a decline in trading volume for spot ETFs and the launch of spot BTC and spot ETH exchange-traded funds in Hong Kong, with much lower trading volumes and assets than expected in the days leading up to launch.
Read more here: BTC falls amid tough debut for Hong Kong spot ETF.
Cryptocurrency stocks, which soared in the rally before the halving, are also falling. BTC mining stocks Marathon Digital (MARA), Riot Platforms (RIOT), and Bitfarms (BITF) all fell between 4% and 6% in Tuesday trading.
Hut 8 Corp (HUT) and HIVE Digital (HIVE) were also down today, with their shares down 4% each. Elsewhere, Bitcoin mining machine manufacturer Ebang International (EBON) just gained +1%, while rival Canaan Inc (CAN) traded down -6%.