Michael Saylor's MicroStrategy Leads Plunge in Crypto-Related Stocks

Bitcoin has tumbled below $24,000 for the first time in 18 months, and ether dropped to a 15-month low.

AccessTimeIconJun 13, 2022 at 1:03 p.m. UTC
Updated May 11, 2023 at 5:07 p.m. UTC

Stocks like MicroStrategy (MSTR), Coinbase (COIN) and the cryptocurrency miners are all reeling in premarket action on Monday, with macro headwinds continuing to rattle global equity markets, and the Celsius network suspending withdrawals adding to the pain in crypto.

  • Crypto lending network Celsius suspended withdrawals, citing "extreme market conditions." The news sent bitcoin (BTC) lower by about $1,500 within minutes, a decline that has continued into Monday morning. Bitcoin is currently at an 18-month low of $23,900.
  • Business-intelligence software firm MicroStrategy is leading crypto-related stocks lower, down 25% premarket. A bitcoin price of $21,000 had been talked about as a point at which the company could face a margin call, but CEO Michael Saylor previously denied that, saying bitcoin would need to fall to about the $3,500 level before that would begin to become an issue.
  • At a price of $22,960, MicroStrategy would be down more than $1 billion on its bitcoin bet.
  • Coinbase is lower by 17.6% To $48.42, and now off 87% from its all-time high hit in November.
  • It's ugly for the miners as well, with Marathon Digital (MARA), Riot Blockchain (RIOT) and Hut 8 (HUT) all sporting double-digit percentage declines.
  • Checking the macro picture, tighter monetary policy from Western central banks continues to send bond yields sharply higher and equity prices lower. Nasdaq 100 futures are down 2.8% and S&P 500 futures are off 2.4%. The 10-year U.S. Treasury yield is up another 10 basis points to 3.27%.


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Oliver Knight

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

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