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Bitcoin Proxy Stocks Tumble as BTC Tanks
Crash in the leading cryptocurrency hitting related companies.
By Zack Seward
Updated Sep 14, 2021, 12:57 p.m. Published May 19, 2021, 2:54 p.m.
Stocks of publicly traded companies tied closely to the fate of bitcoin are following the leading cryptocurrency into a sea of red Wednesday.
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- With BTC down roughly 20% in the last 24 hours, leading bitcoin proxy stocks have followed suit.
- MicroStrategy, the business intelligence firm with billions in bitcoin reserves, is down 10% to $435 in the last 24 hours.
- Square, the owner of Cash App and another holder of bitcoin reserves, is down 3% to $197.
- Coinbase, the leading crypto exchange in the U.S., is down 7% and flirting with all-time lows at $222.
- Even furniture maker Ethan Allen, the shares of which have benefited from the rise in ether due to the company's stock ticker being ETH, may now be paying the price for that association today, falling 5% to $27.
- The Bitwise Crypto Industry Innovators ETF, which tracks 30 prominent publicly listed crypto firms, is down 9.3% at press time.
Read more: Crypto Market Loses $460B as Ether, Altcoins Follow Bitcoin’s Deep Dive
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Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
What to know:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
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- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
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