Corporate Stocks Linked To The Fate Of Bitcoin Suffers Major Losses.

Corporate Stocks Linked To The Fate Of Bitcoin Suffers Major Losses.

2021-05-19 | Robin Williams

Corporate Stocks Linked To The Fate Of Bitcoin Suffers Major Losses.

Corporate stocks tied closely to the fate of Bitcoin [BTC, -13.14%] are following the leading cryptocurrency into major downfall recorded today on Wednesday. With BTC down roughly 20% within the past 24 hours, leading bitcoin proxy stocks have followed suit. MicroStrategy, the business intelligence firm with billions in bitcoin reserves, is down 10% to $435 Mln within the past 24 hours. Square, the owner of a renowned App and a holder of bitcoin reserves, is down 3% to $197 USD. Coinbase, the leading cryptocurrency exchange within the United States, is down 7% and flirting with all-time lows at $222 USD. Furniture maker Ethan Allen, the shares of which have benefited from the increase in Ethereum [ETH, -20.95%] due to the company's ticker being ETH, may now be paying the worth for that association today, down 5% to $27 USD. The Bitwise Cryptocurrency Industry Innovators ETF, which tracks 30 prominent publicly listed crypto firms, is down 9.25% at the reporting time.

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