Shares of Michael Saylor’s Strategy ( MSTR ) stock are down over 6% on Tuesday and over 12% since the end of last week. The slide comes amid bearish sentiment around the crypto market, primarily BTC, which is nearing $100,000 for the first time in six months. MSTR ended trading on Tuesday at $246.99.
The largest crypto fell 4.5% in the past 24 hours and 11.8% in the past seven days to below $100,000, the weakest since June. Ethereum’s Ether (ETH) also fell below crash lows of around $3,410, the lowest in three months, and down nearly 6% today. The strategy, which is the largest institutional investor in BTC, saw its share value drop as a result, with investors often tying MSTR to the BTC price.
Also Read: Will Bitcoin Fall Below $100,000 Lead to a 2022-Like Crash?
Crypto exchange Coinbase ( COIN ) and digital asset investment firm Galaxy ( GLXY ) also fell by similar amounts on the exchange. With bitcoin down nearly 20% from a record high of over $126,000 less than a month ago, the market is at a crucial inflection point, Vetle Lunde, head of research at K33, said in a Tuesday notice. “BTC has closed above $100,000 for 180 consecutive trading days, but is now dangerously close to this material psychological price level,” he wrote.
Despite BTC’s recent decline, investors still see a rebound coming, including former chief strategy officer Michael Saylor. The strategy’s (MSTR) founder predicted Bitcoin (BTC) to reach $150,000 by the end of 2025 in an October interview. The popular Bitcoin bull has not been shy in his optimism about BTC, always hinting that it is the future of finance and labeling it “digital gold.” Should BTC reach these levels, Strategy (MSTR) stock could also rally back from these lower levels.
