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Crypto shares plunged along with Bitcoin

Crypto stocks could not escape the BTC crash either.

By Mike Hesp
• 2 min read
Crypto shares plunged along with Bitcoin

Crypto stocks could not escape the BTC crash either. How sharply MicroStrategy, Coinbase and Co. fell.

Shares of several crypto companies fell significantly Monday, while panic sales caused Bitcoin (BTC) and Ether (ETH) prices to fall to their lowest levels in months.

Background was the Japanese central bank's interest rate hike and disappointing Q2 figures from many tech companies. Recently, stock prices of the long-hyped "Magnificent Seven" weakened.

In addition, investors were worried by mediocre economic data from the U.S. and a possible escalation in the Middle East conflict.

The share price of MicroStrategy fell temporarily by more than 20% and closed yesterday with a loss of 9.6%. The permabull Michael Saylor's company owns 226,500 BTC, representing more than one percent of all Bitcoin ever in existence.

Equally weak were Coinbase and CoinShares. Shares of the US crypto exchange and the Swedish crypto-ETP provider closed with losses of 7.32% and 9.23%, respectively.

Better behaved listed mining companies: Marathon lost only 1.4% and Riot Blockchain 3.03%.

They also corrected by double digits in the interim, but largely made up losses by the close of the New York Stock Exchange at 10 p.m. (CEST).

With the current recovery of Bitcoin, Ethereum and Co. when the stock market opens, the share prices of crypto companies could also rise again.

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