Crypto-related stocks, those with exposure to cryptocurrencies on their balance sheet or with business models closely linked to blockchain technology, suffered twofold. Coinbase , MicroStrategy , Block and Tesla all ended the day down — with the last three seeing their bitcoin holdingsTesla closed the day down 7.10%, Coinbase lost 11.41% and Jack Dorsey’s Block lost 12.68%.
However, the biggest loser on The Block’s list was perma-bull Michael Saylor’s MicroStrategy, which saw its stock fall 25.18%. The company currently owns 129,218 BTC across two corporate entities, at an unrealized loss of about 18%. Based on the current economic headwinds, the tone for the week seems perhaps unlikely to change as the US Federal Reserve is set to make its latest decision on interest rates public this week.
As for Wall Street predictions, JP Morgan is expecting an increase of 75 basis points, although the Fed has previously said that it would avoid hikes above 50 basis points. © 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.Adam has been based in London for the past year, initially freelancing and working for a start-up there before beginning a fellowship at Business Insider. He covers general crypto news and markets.