Coinbase and MicroStrategy shares slump as Bitcoin slides toward $30,000

May 9 trading session on US stock exchanges ended with a broad sell-off in stocks tied to the cryptocurrency industry. Sector equities fell between 13.2% and 26.3%.

On Monday, Bitcoin fell by almost 12%, and the Nasdaq slipped 4.3%.

The laggards were Galaxy Digital (-26.3%), MicroStrategy (-25.6%), Coinbase (-19.5%), and Silvergate Capital (-19.2%).

Bitcoin exchange-listed shares had fallen by 78% since the IPO. The value of MicroStrategy’s 129,218 BTC on hand the day before had fallen below their purchase price (the average cost per coin is about $30,700).

The session also proved difficult for miners:

• Marathon Digital and Riot Blockchain shares fell by 19.2%;
• Core Scientific — down 13.2%;
• Hut 8 Mining — down 17%;
• Hive Blockchain — down 17.2%;
• Bitfarms — down 19.9%;
• CleansPark — down 13.8%;
• Bit Digital — down 16.15%;
• Argo Blockchain — down 14.7%.

Nasdaq-100 futures rose by 1.6% and Bitcoin recovered to $31,750 as of writing, creating the prerequisites for a rebound in crypto-stock equities at the start of trading on May 10.

Earlier, Galaxy Digital founder Mike Novogratz warned of further declines in Bitcoin’s price.

In April, the top executive called the pause in Federal Reserve tightening a condition for Bitcoin’s renewed growth.

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