Why Bitcoin- And Ethereum-Related Stocks MicroStrategy And Coinbase Are Diving

Why Bitcoin- And Ethereum-Related Stocks MicroStrategy And Coinbase Are Diving

MicroStrategy Incorporated MSTR and Coinbase Global Inc COIN are trading lower by 2.66% to $274.42 and 3.90% to $68.06 respectively Monday morning. Shares of crypto-related stocks are trading lower amid a weekend decrease in the price of Bitcoin BTC/USD and Ethereum ETH/USD.

What Happened?

Crypto-related stocks have also been volatile amid a rebound in crypto last week but fell following news of Tesla Inc's TSLA Bitcoin sale.

Bitcoin is trading 3.0% lower at around $21,903 over the trailing 24 hours.

Ethereum is trading 4.8% lower at around $1,521 over the trailing 24 hours.

Bitcoin and Ethereum are still otherwise trading near 1-month highs Monday.

Why it Matters

When Tesla announced second-quarter earnings after the market close Wednesday, the electric automaker revealed it has sold off 75% of its Bitcoin position.

The company netted $963 million from the sale of its Bitcoin after citing an impairment loss of $101 million on its Bitcoin position in 2021... Read More

MicroStrategy is a provider of enterprise analytics and mobility software.

Coinbase Global provides financial infrastructure and technology for the crypto-economy in the United States and internationally.

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