COIN and MSTR are gapping to multi-month lows
Crypto stocks are collapsing today amid the extended broad-market selloff, especially as Bitcoin (BTC) drops below $50,000 for the first time since February.
Though Coinbase Global Inc (NASDAQ:COIN) has pared greater losses -- plunging nearly 20% before the bell, it was last seen down 10.6% at $182.55, gapping to its lowest level in six months. Headed for its sixth consecutive daily loss, the equity is still holding on to a 9.6% year-to-date lead.
Falling sharply to their lowest levels since May, the shares of MicroStrategy Inc (NASDAQ:MSTR) are down 13.6% at $1,251 at last glance, though still up roughly 100% since the start of 2024. Headed for its worst day since April, MSTR is headed for its fifth daily loss in six sessions. Both stocks are on the short sell restricted (SSR) list amid the volatility.