While Bitcoin and Ethereum are inflicting pain on altcoins, the crypto crash is extending even beyond the asset class. Crypto stocks are taking a beating as well.
Michael Saylor’s MicroStrategy (NASDAQ:MSTR) is easily the company worst hit by the crypto crash. The company owns over 129,000 BTC, making it one of the biggest whales in the world. Unfortunately, this massive reserve of assets on its balance sheet makes the stock almost as volatile as a cryptocurrency itself. MSTR stock has lost over $1 billion in value in response to this week’s crash.
A grip of other crypto stocks more closely related to the industry are seeing price gouges themselves.
Consider Robinhood (NASDAQ:HOOD), which is slowly becoming a more crypto-centric Wall Street player. HOOD is losing nearly 8% in response to the turmoil.
Exchange player Coinbase (NASDAQ:COIN) is suffering a 12% loss. The small army of crypto-mining companies, including Marathon Digital (NASDAQ:MARA), Hut8 (NASDAQ:HUT), Riot Blockchain (NASDAQ:RIOT) and Greenidge Generation (NASDAQ:GREE), are losing anywhere from 10% to nearly 20%.
But even more loosely connected stocks to the crypto industry are feeling the pain. PayPal (NASDAQ:PYPL), for example, is falling 7% on the news. Semiconductor companies Nvidia (NASDAQ:NVDA) and AMD (NASDAQ:AMD) are both losing around 8% also.
All in all, the events of recent days are showing just how much of an effect cryptocurrency markets have on Wall Street, whether investors like it or not.