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Coinbase and MicroStrategy Plunge 5% Amid Crypto Carnage
The recent market mayhem has taken a toll on major crypto-related stocks. According to recent reports, Coinbase (COIN) and MicroStrategy (MSTR), two prominent names in the industry, have plummeted by an astonishing 5% following yesterday’s massive sell-off.
This significant downturn comes as a result of the Federal Reserve’s decision to raise interest rates, which has led to a substantial correction in the overall crypto market. The recent correction is particularly concerning for MicroStrategy, considering its heavy reliance on Bitcoin (BTC) and other cryptocurrencies.
It is worth noting that this recent correction is relatively small compared to previous cycles. Earlier this month, CryptoQuant CEO Ki Young Ju observed that Bitcoin’s drawdowns have been significantly smaller during the ongoing bull run due to sufficient buying from exchange-traded funds (ETFs) and institutions.
Source: u.today
