MicroStrategy (MSTR) opened to yet another all-time high on Thursday as the price of Bitcoin itself surged to a fresh peak above $98,000. But MSTR shortly thereafter dove over 18% before recovering, with such volatility arriving as Wall Street adjusts to massive expectations for crypto stocks, fueled by Bitcoin’s meteoric post-election surge.
Similar dips appeared to impact other Bitcoin-related stocks on Thursday morning. Bitfarms (BITF), the Bitcoin mining firm, has fallen by 6% to $2.06 at writing. Canaan (CAN), a leading manufacturer of Bitcoin mining infrastructure, fell 3% to $1.62. Crypto exchange Coinbase is also down nearly 5% on the day at a current price of $305.
MicroStrategy, which owns over 331,000 BTC—1.58% of the token’s total possible supply—has enjoyed a monster rally since the world’s top cryptocurrency began surging earlier this month. Since Donald Trump’s re-election barely two weeks ago, the stock has more than doubled in price, breaking past new all-time highs on multiple occasions.
On Thursday morning, MSTR did it again, breaking past $535 before dipping over 18%. In short order, however, the stock recovered back to a price of $475—roughly where it closed Wednesday.
That whiplash price action is likely due to the frantic excitement—and sky-high expectations—that Bitcoin’s current, historic rally is creating on Wall Street.
For nearly two weeks now, it appeared that nothing could stop the crypto asset, which continues to soar past record highs. Since Trump’s victory, which looks likely to spell only good news for crypto’s regulatory fortunes and Bitcoin’s integration with the U.S. economy, BTC has ballooned over 38%.
On Thursday morning, BTC briefly eclipsed $98,000 for the first time ever, setting a new all-time high of $98,310 per data from CoinGecko. Anticipation of the token breaking past the long-fabled barrier of $100,000 may have had something to do with crypto stocks like MSTR surging in the early morning.
Alas, BTC then dipped slightly, staying just shy of its latest milestone target—at least for now. The coin currently sits at $97,091.
Edited by Andrew Hayward
