Crypto-Related Stocks Follow Bitcoin Into the Red

Bitcoin ($BTC) and other major cryptocurrencies are facing tremendous selling pressure today. It’s part of a broad sell-off in the crypto space.

But it’s not just various coins being affected. Stocks of many publicly traded companies with close ties to Bitcoin are following them to the downside.

As reported by Coindesk:

Stocks of publicly traded companies tied closely to the fate of bitcoin are following the leading cryptocurrency into a sea of red Wednesday.

With BTC down roughly 20% in the last 24 hours, leading bitcoin proxy stocks have followed suit.

MicroStrategy, the business intelligence firm with billions in bitcoin reserves, is down 10% to $435 in the last 24 hours.

Square, the owner of Cash App and another holder of bitcoin reserves, is down 3% to $197.
Coinbase, the leading crypto exchange in the U.S., is down 7% and flirting with all-time lows at $222.

Even furniture maker Ethan Allen, the shares of which have benefited from the rise in ether due to the company’s stock ticker being ETH, may now be paying the price for that association today, falling 5% to $27.

The Bitwise Crypto Industry Innovators ETF, which tracks 30 prominent publicly listed crypto firms, is down 9.3% at press time.

Read the full article at coindesk.com.

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