Cryptocurrencies
MicroStrategy Leads Crypto Stock Slump as Bitcoin Ricochets
- BTIG analyst says drop is an opportunity to buy shares
- Bitcoin recovers from losses after dropping below $30,000
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MicroStrategy Inc. sank, leading a slump in cryptocurrency-exposed stocks, as Bitcoin tumbled below the $30,000 key level for the first time in five months.
The enterprise software company fell as much as 12%, its steepest intraday decline since May 19, before closing down 4.5% on Tuesday. Shares of other crypto-linked firms also stemmed their losses as Bitcoin recovered after earlier wiping out its entire gain for this year. The cryptocurrency is down 0.5% at 4:07 p.m.