Cryptocurrencies
MicroStrategy’s Stock Plunge Deepens as Bitcoin, Miners Slump
- Crypto-exposed stocks fall as Bitcoin nears $30,000 level
- Miners face double whammy with bear market, energy prices
This article is for subscribers only.
Shares of MicroStrategy Inc. fell by the most since 2017 as the company, often used as a proxy for Bitcoin, followed the world’s largest cryptocurrency lower amid a broader selloff in risk assets.
The enterprise software maker run by Bitcoin evangelist Michael Saylor declined 26% on Monday as the price of Bitcoin hovered near a key threshold of $30,000 and the benchmark S&P 500 declined about 3.2% on concerns tightening monetary policy could throw the economy into a recession.