MSTR shares declined by as much as 12% on Tuesday as the broader U.S. stock market showed signs of strength.
Shares of MicroStrategy (MSTR) plunged anew on Tuesday, extending an early week slump on the back of a highly volatile cryptocurrency market that saw Bitcoin (exposedcrypto.com/bitcoin-price” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/exposedcrypto.com/bitcoin-price-index/amp”>BTC) briefly exposedcrypto.com/news/bitcoin-drops-below-30k-to-6-month-lows-watch-these-next-price-support-levels” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/exposedcrypto.com/news/bitcoin-drops-below-30k-to-6-month-lows-watch-these-next-price-support-levels/amp”>pierce below $30,000.
MSTR touched an intraday low of $513.02 through the early morning session, capping off a 12% decline. Shares of the business intelligence firm collapsed 16.7% on Monday, erasing much of last week’s rally.
By comparison, the broad S&P 500 Index of large-cap stocks rose 1.4% on Monday and the technology-heavy Nasdaq Composite Index climbed 0.8%. Both indices were on track to close higher on Tuesday.
MSTR has played out like a crypto proxy stock ever since CEO Michael Saylor first announced his exposedcrypto.com/news/worlds-biggest-business-intelligence-firm-buys-21k-btc-for-250m” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/exposedcrypto.com/news/worlds-biggest-business-intelligence-firm-buys-21k-btc-for-250m/amp”>company’s exposure to Bitcoin. Saylor’s Bitcoin gambit shined a positive spotlight on the crypto industry and contributed to the market’s eye-watering rally between October 2020 and May 2021. As a result, MicroStrategy’s share price peaked at $1,315.00 in February before correcting sharply lower over the next three months.
Related: exposedcrypto.com/news/bullish-all-the-way-microstrategy-doubles-down-on-its-bitcoin-bet” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/exposedcrypto.com/news/bullish-all-the-way-microstrategy-doubles-down-on-its-bitcoin-bet/amp”>Bullish all the way? MicroStrategy doubles down on its Bitcoin bet
The cryptocurrency market was nursing heavy losses on Tuesday. With a total market capitalization of $1.3 trillion, cryptos are down more than half from their peak last month.