As the latest carnage in the crypto markets brought the price of Bitcoin below $24,000, MicroStrategy (MSTR) fell as much as 26.72% on Monday’s premarket to a 20-month low of $149.
MSTR, which traded at $203.36 on the closing bell on Friday, fell to $147 after the market open, before recovering to $155.50, down 23.53%, as the software manufacturer came under increased pressure due to its stock trading at a discount to the firm's Bitcoin holdings.
Following the trend, stock in crypto exchange Coinbase (COIN) stock fell by a hefty 21.5% to $46.06 on premarket, before climbing up to $51.87 at time of going to press, down 11.66%.
Other Bitcoin-adjacent public companies took a beating too, with the shares of mining operators among the worst-hit.
Marathon Digital tumbled 18.17% in premarket, followed by Riot Blockchain and Bit Digital with losses of 14.89% and 14.89%, respectively.
Block Inc. (SQ) dropped 7.35% to $66.59 in premarket and is continuing to slip, trading at $64.29 at the...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...