MicroStrategy closed down 5.36% as cryptocurrencies dropped after the CLARITY Act failed and rate-hike odds rose. Because the stock is tied to crypto sentiment, falling crypto prices put downward pressure on MicroStrategy.
MicroStrategy's shares move with cryptocurrency sentiment. The Senate defeat of the CLARITY Act and rising rate-hike odds pushed crypto prices down, which in turn hurt MicroStrategy's stock. Some traders increased long exposure after the drop, but that buying did not overcome the larger selloff and rate-driven risk aversion.
Bitmine Immersion Technologies closed down 8.39% amid the crypto selloff after the CLARITY Act failed and higher rate-hike expectations pressured crypto names. The sharp move is negative for BMNR's near-term market perception.
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