It was announced on Dec. 13 that Bitcoin (CRYPTO:BTC) hoarder MicroStrategy (NASDAQ:MSTR) would be added to the Nasdaq 100 stock index on Dec. 23. Some believed the announcement could send its shares soaring as investors rushed to get ahead of all the buying that would occur from the indexes and exchange-traded funds that follow the Nasdaq 100.
However, that didn’t happen. Between the announcement date and the actual inclusion trading date, MSTR stock fell 7%. Part of that was due to the Federal Reserve hinting that additional interest rate cuts would be far fewer than many previously believed.
As Bitcoin has powered MicroStrategy’s valuation to a 61-fold increase over the past five years with its market capitalization growing from $1.6 billion in 2019 to $99 billion today, is MSTR stock facing a massive correction?
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