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Michael Saylor's MicroStrategy Leads Plunge in Crypto-Related Stocks
Bitcoin has tumbled below $24,000 for the first time in 18 months, and ether dropped to a 15-month low.
Updated May 11, 2023, 5:07 p.m. Published Jun 13, 2022, 1:03 p.m.
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Stocks like MicroStrategy (MSTR), Coinbase (COIN) and the cryptocurrency miners are all reeling in premarket action on Monday, with macro headwinds continuing to rattle global equity markets, and the Celsius network suspending withdrawals adding to the pain in crypto.
- Crypto lending network Celsius suspended withdrawals, citing "extreme market conditions." The news sent bitcoin lower by about $1,500 within minutes, a decline that has continued into Monday morning. Bitcoin is currently at an 18-month low of $23,900.
- Business-intelligence software firm MicroStrategy is leading crypto-related stocks lower, down 25% premarket. A bitcoin price of $21,000 had been talked about as a point at which the company could face a margin call, but CEO Michael Saylor previously denied that, saying bitcoin would need to fall to about the $3,500 level before that would begin to become an issue.
- At a price of $22,960, MicroStrategy would be down more than $1 billion on its bitcoin bet.
- Coinbase is lower by 17.6% To $48.42, and now off 87% from its all-time high hit in November.
- It's ugly for the miners as well, with Marathon Digital (MARA), Riot Blockchain (RIOT) and Hut 8 (HUT) all sporting double-digit percentage declines.
- Checking the macro picture, tighter monetary policy from Western central banks continues to send bond yields sharply higher and equity prices lower. Nasdaq 100 futures are down 2.8% and S&P 500 futures are off 2.4%. The 10-year U.S. Treasury yield is up another 10 basis points to 3.27%.
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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XRP drops 4% as traders watch whether $1.88 support holds
Price stabilizes near recent lows after a volatile pullback from above $2.
What to know:
- XRP slipped nearly 4% as bitcoin fell below $88,000, with price action driven more by market structure and positioning than by changes to Ripple’s fundamentals.
- Spot XRP ETFs saw about $40.6 million in weekly outflows, suggesting institutional profit-taking and rotation rather than a loss of confidence in the asset.
- XRP remains range-bound in a tight consolidation between support around $1.88 and resistance near $1.93–$1.95, with fading volume pointing to a larger move once the current stalemate resolves.
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