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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
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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.