2 Stocks Swept up in the Cryptocurrency Landslide

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Bitcoin is trading at its lowest level since December 2020

Stocks related to Bitcoin (BTC) are crumbling today, as the cryptocurrency falls even lower, dropping 14% earlier and moving back below the $24,000 level for the first time since December 2020. The extreme selling the market has seen is seeping into the crypto sphere, leading crypto lender Celsius to pause withdrawals, and, over the weekend, $200 billion was wiped from the cryptocurrency market, putting its market cap back below $1 trillion. 

Two stocks we wanted to highlight, in particular, are Coinbase Global Inc (NASDAQ:COIN) and MicroStrategy Incorporated (NASDAQ:MSTR). The former was last seen down 17.6% at $48.40, while the latter has shed 25% to trade at $152.51. 

The crypto fall-out hasn’t been easy on either equity, though MSTR’s fall from grace has been especially brutal. The stock was trading as high as $1,316 back in February 2021, and even after some of this buying frenzy cooled, the security managed to rally up near the the $890 mark this past November. Since this annual peak, MicroStrategy stock has shed 82%, with today’s plummet putting it dangerously close to its May 12, nearly two-year low of $134.09. 

Coinbase stock, which has been on the scene for a much shorter time period, saw its highest level of trading on the first day it went public in mid-April, climbing as high as $429.54 before closing at $328.28 on the day of its debut. There was another rally to a fresh all-time closing high of $353.92 in early November, though the stock quickly succumbed to several moving averages including its 30- and 80-day. COIN has already shed over 76.7% in 2022, and is nearing its mid-May record low of $40.83.