MSTR Plunges 4% as Bitcoin Tumbles Below $80K

Shares of Strategy (MSTR) plummeted nearly 4% on Monday as Bitcoin slipped below the $80,000 mark.

The decline in MSTR was largely attributed to Bitcoin's performance. The leading cryptocurrency dropped more than 1.5%, finishing near $79,116.

MSTR is often viewed as a leveraged proxy for Bitcoin, meaning that downward movements in BTC can lead to amplified selling pressure on the stock.

The market sentiment was further dampened by stronger-than-expected August employment figures, which increased rate-hike probabilities. This led to a decline in speculative assets like cryptocurrencies and associated equities.