(MSTR), a software company that has extensive Bitcoin holdings and is adding exposure to the cryptocurrency as an option for workers’ 401(k) plans, was down 8%.
Bitcoin
and other digital assets was pressuring all these companies, which have significant holdings of Bitcoin or are actively engaged in business operations in the digital asset space.
Bitcoin prices plunged 6% over the past 24 hours to below $33,000, deepening losses from over the weekend after changing hands around $36,000 on Friday. The selloff brings Bitcoin to less than half the value of its all-time high of $68,990 reached in November 2021 and puts the largest crypto at its lowest level since last July.
“We’ve seen renewed selling in Bitcoin and the wider digital token market as the prospect of increasing interest rates and a deteriorating economic environment continues to weigh on risk assets,” a team of analysts at cryptocurrency exchange Bitfinex said in a note.
“Investors exiting positions may be adding some momentum to the protracted sell off that we’ve witnessed over the past few days,” they added.
