MicroStrategy and Coinbase stocks decline as Bitcoin falls 5% in 24 hours, breaking key support at $70,000.
MicroStrategy (MSTR) shares fell 10% to $135 after the company sold 32 Bitcoin (BTC) for $2.5 million, a fraction of its 843,706 BTC holdings. Coinbase (COIN) dropped 6% to $172 amid a Q1 net loss of $1.49 per share and a 31% year-over-year revenue decline.
Bitcoin slipped below $70,000 to $67,200, down 5% in 24 hours and 8% for the week. The cryptocurrency has declined 23% year-to-date and 36% over the past year, pressuring stocks with high Bitcoin exposure.
Both MicroStrategy and Coinbase exhibit direct sensitivity to Bitcoin’s price movements, amplifying losses as the selloff extends into a second day.