Stock Track | MicroStrategy Plunges as Crypto Sell-Off Weighs on Crypto-Linked Stocks

Stock Track07-26

Shares of MicroStrategy Incorporated (MSTR) plummeted 9.79% during intraday trading on Thursday, as the broader cryptocurrency market experienced a significant sell-off, dragging down crypto-related stocks.

The decline in MicroStrategy's stock price was driven by a broader risk-off sentiment in the market, which spilled over into the cryptocurrency space. Bitcoin, Ether, and other major cryptocurrencies dropped sharply in morning trading, with Bitcoin falling 3.8% to around $64,200 and Ether plunging 8.1% to around $3,150.

The sell-off in cryptocurrencies was exacerbated by a wider stock market rout, as investors fled risk assets amid concerns over various factors, including the ongoing macroeconomic uncertainties. This negative sentiment weighed heavily on crypto-linked companies like MicroStrategy, which has a significant exposure to Bitcoin through its substantial holdings.

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