MicroStrategy (MSTR.US) and other Bitcoin-exposed stocks like Coinbase (COIN.US) fell sharply today after the most popular cryptocurrency plunged to its lowest level since February following Elon Musk comments. Tesla CEO suggested his company might have sold its Bitcoin holdings over the weekend. Even the fact that Musk later clarified that Tesla has not sold any bitcoin did not help the aforementioned stocks.
MicroStrategy (MSTR.US) shares plunged today due to high correlation with Bitcoin price. The business analytics company holds roughly $5 billion worth of bitcoin. Stock launched today's session lower and if the current sentiment prevails, downward move may be extended to the support at $373.43 which coincides with lower limit of the triangle formation. Source: xStation5
Shares of Coinbase (COIN.US), the largest U.S. cryptocurrency exchange, also fell more than 5.0% and reached all-time low at $238.73.Source: xStation5