MicroStrategy, Coinbase Slip On Crypto Rout as Bitcoin Goes Below $29K By Investing.com

MicroStrategy, Coinbase Slip On Crypto Rout as Bitcoin Goes Below $29K

Stock MarketsJun 22, 2021 12:57PM ET

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MicroStrategy, Coinbase Slip On Crypto Rout as Bitcoin Goes Below $29K

Dhirendra Tripathi

Investing.com – Shares of MicroStrategy (NASDAQ:MSTR) and Coinbase (NASDAQ:COIN) fell Tuesday on another dismal day for cryptocurrencies.

At 105,085 Bitcoins (BitfinexUSD) that were acquired for $2.74 billion at an average purchase price of $26,080, MicroStrategy is one of the biggest corporate investors in the crypto. Shares of the company were down nearly 6%.

Coinbase, the only listed crypto exchange in the world, slipped by 1.3%.

This week’s fall in cryptos comes after China cracked down over the weekend.

According to the state backed Global Times newspaper, many Bitcoin mines in Southwest China's Sichuan Province - one of China's largest cryptocurrency mining bases - were closed amid an intensifying nationwide crackdown against cryptocurrency mining.

Sichuan is China's second-biggest bitcoin mining province and the country accounts for more than half of global bitcoin production.

Bitcoin today fell below the psychologically crucial $29,000, at less than half of the cryptocurrency’s all-time high of $64,778, hit on April 14.

The crypto has wiped out the year’s gains and was briefly in the positive today before slipping again. It was back in the green later.

Dogecoin DOGE/USD lost over 7% and Ethereum Ethereum 1%. Polkadot pDOTn/USD shed 7% and Litecoin Litecoin 9%.

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