Why Bitcoin- And Ethereum-Related Stocks Are Falling

Cryptocurrency-related stocks including Coinbase Global Inc COIN and MicroStrategy Inc MSTR are trading lower Monday amid a weekend decrease in the price of Bitcoin BTC/USD and Ethereum ETH/USD.

Bitcoin seems to be stuck in a trading range as it continues to try to build support around the 20,000 level. Following a move higher last week, it looks like the world's largest and oldest crypto is headed for a retest. The crypto market also appears to be falling amid a selloff in broader risk assets as futures point to a lower open for traditional markets.

Coinbase is the leading cryptocurrency exchange platform in the United States. The stock was down 4.68% at $57.47 at time of publication, according to data from Benzinga Pro.

MicroStrategy is a business intelligence, mobile software and cloud-based services company, but more than anything else, it's a bet on Bitcoin. The firm has accumulated nearly 130,000 Bitcoin at an average price of around $30,000. The stock was down 5.52% at $209.06 at press time.

See Also: This Trader Says Unexpected Bitcoin Rally To Take Place In 2022, Predicts A Six-Figure BTC By 2023

$BTC, $ETH Price Action: Bitcoin was down 3.5% over a 24-hour period at $20,560 and Ethereum was down 3.16% over a 24-hour period at $1,146 at time of publication. 

Photo: Eivind Pedersen from Pixabay.