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MicroStrategy Leads Crypto Stock Selloff as Bitcoin Unravels

  • MicroStrategy, Marathon, Riot and Coinbase fall at least 10%
  • Bitcoin sinks as much as 17% after Celsius pauses withdrawals
Cryptocurrency Enterprises in Romania
Photographer: Andrei Pungovschi/Bloomberg
Updated on

Cryptocurrency-related stocks plunged on Monday as Bitcoin tumbled to its lowest level in 18 months amid a deepening selloff in risk assets and after a crypto lender halted withdrawals from its platform.

MicroStrategy Inc., which over the last two years has amassed more than 129,000 Bitcoins, led the slump, plunging 25% to close at its lowest level since October 2020. Other crypto stocks including Marathon Digital Holdings Inc., Riot Blockchain Inc. and Coinbase Global Inc. also saw outsized declines of at least 10% each. The MVIS CryptoCompare Digital Assets 100 Index, which measures the 100 largest digital assets, sank as much as 17%.