Arthur HayesBitcoinBTC priceCointelegraph.comMicroStrategyMSTRstock price

No more ‘Bitcoin effect’? MicroStrategy stock falls by 50% in 17 days

The excitement around Bitcoin has spilled over beyond spot price, data shows, with MSTR going from above $1,300 to $629 in just 17 days.
The Bitcoin (BTC) price correction isn’t just hurting individual hodlers — the biggest players are suffering in more ways than one.Data from markets on March 5 revealed that MicroStrategy, which owns over 91,000 BTC, has seen its stock price dive by more than half in just three weeks.MicroStrategy keeps buying BTCOn the day that the company confirmed that it had added another 210 BTC to its reserves at a cost of $10 million, MicroStrategy’s stock hit local lows of $628. At its peak in February, MSTR traded at just over $1,300.The volatility is a commentary on the ups and downs of Bitcoin in its latest bull run, which has been characterized by wild swings in both directions.$MSTR (red) vs. BTC/USD (blue) chart. Source: TradingviewSince beginning to add Bitcoin to its balance sheet in August last year, however, the overall impact on MSTR remains transformative. Prior to the move, it barely traded above $100.”They now hold 91,064 bitcoin on their balance sheet,” Morgan Creek Digital co-founder Anthony Pompliano commented on the latest buy. “This may be one of the greatest displays of conviction in public market history.”Hayes: Bond resurgence could make investors “exit Bitcoin”That “conviction” may serve the company well far beyond the short term as Bitcoin’s bull cycle is being challenged by macroeconomic headwinds. For Arthur Hayes, former CEO of derivatives giant BitMEX, central bank policy could, in extreme circumstances, …
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