Crypto is falling despite MicroStrategy's plans to buy up more Bitcoin
Bitcoin (BTC) is falling today, pressuring the rest of the crypto sector despite MicroStrategy Inc's (NSADAQ:MSTR) latest plan to increase its Bitcoin holdings.
At last glance, MSTR was down 3.7% at $344.98. The shares have fallen quite a ways since shooting to a Nov. 21 record high of $543, though they're still up 447.4% since the start of the year. Notably, 10.4% of MicroStrategy stock is sold short, which could help boost it in the event of a rebound.
Elsewhere, shares of sector peer Coinbase Global Inc (NASDAQ:COIN) are down 2.2% at $273.51. The equity has pulled back since its Dec. 6, three-year high of $349.75, but is still up 57.2% this year. Despite the outperformance, short interest accounts for 4.9% of COIN's available float, leaving a decent amount of pent-up buying power.