MSTR, BMNR Stocks Are Nosediving Today – Why Such A Selloff?

Bitcoin plunged 6.3% to $83,384, hitting its lowest levels in more than two months.

• According to data from sosovalue Bitcoin ETF recorded $160.1 million in outflows so far this week, if the trend follows it will be the second week in a row when there will be outflows in Bitcoin ETF.
• Ethereum (ETH), Solana (SOL) and other major cryptocurrencies were also in the red on Thursday as investors keep a close eye on the crypto market structure bill markup in Washington. 
• The U.S. Senate Agriculture Committee is scheduled to hold a markup session for the CLARITY Act on Thursday.

Shares of Strategy (MSTR) AND Bitmine Immersion Technologies (BMNR) slumped on Thursday due to weaker bitcoin prices. 

Bitcoin plunged 6.3% to $83,384, hitting its lowest levels in more than two months. According to data from sosovalue Bitcoin ETF recorded $160.1 million in outflows so far this week, and if the trend follows it will be the second week in a row when there will be outflows in Total Bitcoin Spot ETF. Last week, the Bitcoin Spot ETF recorded $1.33 billion in weekly outflows. 

Shares of Strategy and Bitmine Immersion were down 11% each at the time of writing. 

Technical analysts have remained divided on Bitcoin’s near-term price action. “BTC failed to reclaim the $90,000 level again,” analyst Ted Pillows said earlier in the day. 

Major Cryptocurrencies Down 

Ethereum (ETH), Solana (SOL) and other major cryptocurrencies were also in the red on Thursday as investors keep a close eye on the crypto market structure bill markup in Washington.

The U.S. Senate Agriculture Committee is scheduled to hold a markup session for the CLARITY Act on Thursday. The debate could advance commodities rules even if the Banking Committee side of things is stalled.

Approval of the Agricultural Committee’s half of the crypto market structure bill could prove to be a catalyst for the market. It would greenlight Bitcoin and Ethereum to trade like "commodities".

Rates Held Steady

This has created concerns among investors on the overall health of the economy as well as Bitcoin’s position among riskier assets. 

How Did Stocktwits Users React?

Retail sentiment around MSTR trended in ‘bearish’ territory amid ‘normal’ message volume. 

One bearish user on MSTR wrote, “when a CEO has to spend 90% of his time trying to convince you that is a great idea to buy his stock. It means not good path to grow here”.

Another user said that MSTR CEO Michael Saylor needs to sell all his crypto and buy gold.

Retail sentiment around BMNR trended in ‘bearish’ territory amid ‘low’ message volume. 

Shares in BMNR have jumped 318% over the past 12 months whereas MSTR shares have fallen 58% over the same period.

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