From Nasdaq: 2024-06-24 11:10:03

The cryptocurrency selloff continues with Bitcoin dropping 4.6% today, correcting by 10% over the past month. Other cryptocurrencies like Solana and Dogecoin are experiencing double-digit declines. This shift is attributed to uncertainty over the Fed’s rate cut path and recent outflows of $734 million from BTC ETFs.

MicroStrategy stock faces increased scrutiny as it holds a significant amount of Bitcoins and has relied on debt issuance for purchases. Short interest is at 21.3%, and the stock price is near its 50-day moving average. Analyst Joseph Vafi lowered the price target to $1,826 while maintaining a Buy rating.

The average price target for MicroStrategy is $2,230.33, with a Strong Buy consensus from analysts. The stock’s exposure to crypto market downturns raises concerns despite its previous strong performance.

Read more at Nasdaq: Crypto Selloff Widens: MicroStrategy in Focus