MicroStrategy, GameStop, Coinbase & Bitcoin Miners Stocks Echo Crypto Market Crash
Highlights
- The crypto stocks took a dive as the market sentiment was disturbed owing to the recent altcoin crash.
- MicroStrategy, Coinbase, and GameStop stocks dipped in pre-market trading.
- Despite the turbulence, Bitcoin remained steady and sustained above $65,000.
In the latest wave of market turbulence, key stocks linked to the crypto industry have taken a significant hit. These crypto stocks reflected the broader downturn in the digital asset market. Leading the decline are shares of MicroStrategy, GameStop, Coinbase, Marathon Digital, and Riot Platforms, all of which experienced notable falls during premarket trading on Monday.
The sharp downturn in these stocks is largely attributed to the recent crash in crypto prices. However, Bitcoin (BTC), the largest and oldest cryptocurrency, remained stable despite the market dip. Ethereum plummeted over 3% despite Bitcoin’s resilience. Meanwhile, altcoins like Solana (SOL), Dogecoin (DOGE) Shiba Inu (SHIB), and Toncoin (TON) took a greater hit.
MicroStrategy (MSTR)
MicroStrategy, known for its significant Bitcoin holdings, is particularly vulnerable to fluctuations in the crypto market. The company’s strategy of leveraging Bitcoin as a treasury reserve asset has been a double-edged sword. Earlier, last week, the company also announced a $700 million notes sale for further BTC accumulation.
However, the MSTR stock suffered despite the optimism around Bitcoin acquisition. At press time, the MicroStrategy stock plunged 1.94% to $1,478 in the pre-market trading session on Tuesday, June 18. On the contrary the stock gained 0.78% and closed at 1,507.26 on Monday.
Also Read: GameStop (GME) Plunges 13% After Unexpected Announcement From CEO
GameStop (GME)
The GameStop stock primarily known as a video game retailer, has also ventured into the cryptocurrency and blockchain space. Its exploration into non-fungible tokens (NFTs) and other digital assets initially garnered positive attention. Recently, the comeback of Roaring Kitty, who spurred the 2021 GameStop rally propelled the stock price higher.
Nevertheless, the trend subsided soon with significant losses and volatile trading sessions. As of writing, the GME stock fell by 2.86% to $24.49 in premarket trading, reflecting broader investor unease about its crypto-related ventures.
Coinbase (COIN)
Coinbase, a prominent crypto exchange, has been directly impacted by the market crash. Today, the COIN stock dipped 1.81% to $240.67 in the pre-market session. Earlier this month, Coinbase CEO Brian Armstrong also offloaded over $5 million worth of COIN shares.
Bitcoin Miners’ Stocks
Marathon Digital (MARA) and Riot Platforms (RIOT) both major players in the crypto mining sector, also saw substantial declines. Marathon Digital, which focuses on mining Bitcoin, witnessed its stock drop by 1.90% to $19.64. Whilst, Riot Platforms, similarly engaged in Bitcoin mining, saw its share price drop 0.45% to $10.86.
The profitability of these companies is closely linked to the price of Bitcoin. Hence, the recent crash has raised concerns about their financial health and operational sustainability. In addition, the fourth Halving event that reduced block rewards from 6.25 BTC to 3.125 BTC also impacted the mining revenue of these firms.
Also Read: Peter Schiff Reveals How Hedge Funds Bet On MSTR Can Crash Bitcoin
- REX-Osprey Files For ADA, HYPE, XLM, SUI ETFs as Crypto ETF Frenzy Heats Up
- ChangeNOW’s Quiet Power Play in Helping Crypto Businesses
- Standard Chartered Sees Bitcoin Soaring to $200,000 by Year-End on ETF Boom
- Walmart’s OnePay App to add Bitcoin and Ethereum trading
- Tech Giant Samsung Taps Coinbase To Provide Crypto Access, Driving Adoption
- Aster Price Eyes $3 After Channel Breakout as Open Interest Surges to $1.37B
- Will XRP Price Hit $5 if the SEC Approves ETFs This Month?
- Bitcoin Price Hits $120K Ahead of Q4 — Can Citigroup’s Forecast Hold Up?
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
- Solana Price Eyes $360 After Bullish Retest As VisionSys AI Deploys $2B Treasury Strategy
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
