The disputes between Elon Musk and the Bitcoin community also have consequences for crypto stocks such as Coinbase and Microstrategy.
After Tesla suspended Bitcoin payments, the digital store of value crashed. BTC had to accept a price decline of almost 30 percent in the course of the last 30 days. Other coins have also suffered massive losses. But it’s not just the crypto space that has been losing its weight since the War of the Roses between Elon Musk and the Bitcoin community. The feud also had an impact on some crypto stocks. Above all, on the large crypto companies, such as Coinbase, whose business concepts are either based on the crypto space, or those who have acted as its patrons in the past.
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Since its listing, the Coinbase share has always struggled with price losses and gradually approached the USD 250 valuation as trading continued. The bad news about Tesla also left its mark on the crypto exchange. After the announcement, COIN fell to an interim record low of US $ 249. Shortly afterwards, however, the security was able to regain ground when the crypto exchange officially presented its quarterly figures. As a result, the share even rose to $ 274. The joy lasted only for a short time, however, because the following Monday there was another record low – this time $ 238. Since then, however, COIN has been able to gain in value again. At press time, Coinbase stock is trading at $ 250.70.
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In addition to Coinbase, MicroStrategy shares are also on the decline
Unlike Coinbase, MicroStrategy’s security (MSTR) is actually not a pure crypto share. However, since the US software company has made the highest Bitcoin investments so far, the last only a few hours ago, it is worth taking a look at the course of MSTR. Similar to Coinbase, Elon Musk’s change of heart also had an impact on MicroStrategy. Last week, the rate was still at 584 US dollars. However, this continued to fall as the disputes between Musk and the Bitcoin community increased. At press time, MSTR is trading at $ 488.
Tesla is picking up speed again
After this Bloomberg Only yesterday reported that Tesla also had to lose 2.2 percent in value, the stock has already recovered and is now on the up. TSLA is trading at $ 586 at press time. That is an increase of almost 10 percent compared to yesterday’s trading day. Previously, there had been repeated swings to the north in the share. How far the dispute between Elon Musk and the Bitcoin community will go is uncertain. The Tesla boss had previously repeatedly assured that his company did not want to sell Bitcoin.
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