MicroStrategy stock dips as bitcoin falls below key $50K level again

Shares of MicroStrategy (NASDAQ:MSTR) slide nearly 5% intra-day as bitcoin (BTC-USD) also falls below its key $50K level, erasing most of the Santa rally gains from last week. Meanwhile, MSTR price action is highly correlated with that of BTC in the past year, as seen in the chart below. However, the Grayscale Bitcoin Trust (OTC:GBTC), another bitcoin (BTC-USD) proxy, appears to be lagging MSTR and BTC by a relatively wide margin. Despite BTC trading below its key technical level, there isn't "anything worrying at this point," Luno Vice President of Corporate Development and International Vijay Ayyar told Bloomberg. BTC's prospects going into 2022 remain "bullish" if it holds $48K-49K price levels, he added. Not surprisingly, bitcoin (BTC-USD) is ending the last week of trading this year with continued price volatility, and could be on track for further adoption growth in 2022.