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.
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