BMNR, CRCL, MSTR Stocks Lead Slide In Crypto Equities Amid Bitcoin’s Tumble To $63K

The overall cryptocurrency market fell 2.5% to around $2.45 trillion, wiping out more than $530 million in long bets.

• BMNR stock led the decline in crypto equities in pre-market trade, followed by shares of CRCL, MSTR, and ASST.
• The drop came amid broader weakness in both the equities and cryptocurrency markets. 
• More than $630 million in leveraged cryptocurrency positions were liquidated over the past 24 hours, with long traders accounting for more than $530 million of the losses.

Shares of Tom Lee-backed Bitmine Immersion Technologies (BMNR) led the decline in early morning trade on Tuesday after Ethereum (ETH) tumbled, dragging the broader cryptocurrency market lower and pulling Bitcoin (BTC) back to around $63,000, triggering another wave of liquidations. 

BMNR’s stock fell more than 4% in pre-market, clocking a gain of more than 13% in the previous session. Retail sentiment around the company on Stocktwits trended in ‘bullish’ territory over the past day, and chatter increased to ‘high’ from ‘low’ levels. The stock was among the top trending tickers on Stocktwits. Platform data showed an over 500% jump in message volume.

Shares of Circle Internet Group (CRCL), Michael Saylor-backed Strategy (MSTR), and fellow Bitcoin-backed treasury Strive (ASST) all tumbled more than 3% each. Retail sentiment around all three remained in ‘bearish’ territory over the past day.