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Why Bitcoin- And Ethereum-Related Stocks MicroStrategy Incorporated And Coinbase Are Trading Lower Friday Following Tesla's Crypto Update

Published 22/07/2022, 19:45
© Reuters.  Why Bitcoin- And Ethereum-Related Stocks MicroStrategy Incorporated And Coinbase Are Trading Lower Friday Following Tesla's Crypto Update
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MicroStrategy Incorporated (NASDAQ: MSTR) and Coinbase (NASDAQ:COIN) Global Inc (NASDAQ: COIN) are trading lower by 4.64% to $276.26 and 5.37% to $70.01 respectively Friday afternoon. Shares of crypto-related stocks are trading lower Friday despite recent strength in Bitcoin prices.

What Happened?

Crypto-related stocks have been volatile amid a rebound in crypto but fell this week following news of Tesla Inc's (NASDAQ: TSLA) Bitcoin sale.

Bitcoin is trading 10.8% higher at around $23,010 over the past week.

Ethereum is trading 28.4% higher at around $1,560 over the past week.

Bitcoin and Ethereum are also trading near 1-month highs Friday afternoon.

Why it Matters

When Tesla announced second-quarter earnings after the market close Wednesday, the electric automaker revealed it has sold off 75% of its Bitcoin position.

The company netted $963 million from the sale of its Bitcoin after citing an impairment loss of $101 million on its Bitcoin position in 2021... Read More

MicroStrategy is a provider of enterprise analytics and mobility software.

Coinbase Global provides financial infrastructure and technology for the crypto-economy in the United States and internationally.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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