Bitcoin is tanking and taking some key players with it.
Bitcoin fell below $30,000 on Tuesday, sliding 9.23% within the past 24 hours. As of 10:25 a.m. Eastern Time, the cryptocurrency is at $29,696.32, according to Coindesk.
Coinbase Global (ticker: COIN), the largest publicly traded cryptocurrency exchange, was down 4.5% to $212.52 in recent trading. The company made waves in April by going public with a $100 billion valuation, subsequently sending Bitcoin skyrocketing to an all-time high of $64,829. Almost all of that growth has been wiped out as of late due to China’s crackdown on crypto mining and trading.
Microstrategy (MSTR) dropped 7.71% to $538.33. According to a press release, the business intelligence company had recently spent approximately $489 million in cash on 13,005 bitcoins at a price of $37,617 per bitcoin. It holds around 105,085 bitcoins total.
Bitwise Crypto Industry Innovators exchange-traded fund (BITQ) is down 4.95% to $20.91. Grayscale Bitcoin Trust (GBTC) slid 5.7% to $26.12. Both recovered a bit but are still down in recent trading.
PayPal Holdings (PYPL) and Square (SQ), which enabled easy buying and selling of bitcoin, are up 0.25% and off 0.53%, respectively.
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