Why Coinbase, MicroStrategy, and Silvergate Capital Crashed This Morning

Several stocks in the crypto space cratered in Monday morning trading as investors braced themselves for what is expected to be another big interest rate hike from the Federal Reserve this week, but there were more crypto-specific issues dragging on them as well.

Shares of crypto exchange operator Coinbase (NASDAQ: COIN) had fallen more than 18% as of 9:32 a.m. ET. Business intelligence company and Bitcoin (CRYPTO: BTC) buyer MicroStrategy  (NASDAQ: MSTR) had fallen by nearly 22%, and crypto-focused bank Silvergate Capital (NYSE: SI) was down by almost 13%.

The price of Bitcoin was below $24,000 as of this writing, as cryptocurrencies tanked by a double-digit percentage over the weekend. The moves of crypto stocks usually correlate with the price of Bitcoin, so it is no surprise to see them struggling.

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Source Fool.com