MicroStrategy and Coinbase shares slide as Bitcoin price falls

The June 13 trading session on U.S. stock exchanges opened with a sharp drop in shares tied to the cryptocurrency sector.

Bitcoin fell 13.3% over the past 24 hours, according to CoinGecko. The price of digital gold fell below $24,000, trading near $23,740 at the time of writing.

At the open, the analytics-software vendor MicroStrategy’s stock fell 25.24%, Coinbase — 13.5%, Silvergate Capital — 14%.

According to Bitcoin Treasuries, MicroStrategy’s 129,218 BTC holdings are worth just over $3 billion.

Earlier, MicroStrategy founder Michael Saylor reiterated his commitment to Bitcoin.

In #Bitcoin We Trust.

— Michael Saylor⚡️ (@saylor) June 13, 2022

Miners were also in the red at the time of writing:

• Marathon Digital’s shares fell 12.33%;
• Riot Blockchain fell 10.46%;
• Core Scientific fell 12.45%;
• Bitfarms fell 9.43%;
• Bit Digital fell 8.8%;
• Argo Blockchain fell 16.64%;
• Hut 8 Mining and Hive Blockchain fell 10% and 9.6%, respectively.

Nasdaq 100 futures fell 2.54%, S&P 500 fell 2.5%.

On June 10, the U.S. Department of Labor reported that annual inflation for May rose from April’s 8.3% to 8.6%. Against that backdrop, Bitcoin price fell below $30,000.

Earlier, Galaxy Digital founder Mike Novogratz warned of further declines in the cryptocurrency market. In his view, the next several quarters will be volatile due to negative sentiment on Wall Street.

Subscribe to ForkLog news on Telegram: ForkLog Feed — the full news feed, ForkLog — the most important news, infographics and opinions.