More On: bitcoin
Bitcoin's price has fallen to its lowest level since December 2020, while ether is on the verge of plummeting below $1,000 following Monday's unpleasant turn in the crypto market.
The stock plunged more than 20% in pre-hours trading, led by business analytics firm MicroStrategy, the world's largest corporate holder of bitcoin, which is still worth $3 billion, and is down 23.18 percent today.
Coinbase, which is down 10.7 percent on the day, and bitcoin miners Marathon and Riot, which are down 9.95 percent and 8.32 percent, respectively, are also suffering.
Historically, crypto stocks outperform bitcoin during bull markets and underperform during negative markets. While bitcoin is currently down about 50% year to date, each of these equities has lost between 67 and 80 percent in 2022, as seen below.
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