TradingKey – MicroStrategy and Bitcoin are in a downward spiral; the key to a short-term halt in the decline lies in the upcoming release of U.S. ADP and non-farm payroll data.

During pre-market trading on June 2, Eastern Time, cryptocurrency-related stocks fell collectively, with MicroStrategy ( MSTR) fell over 3%; Circle ( CRCL) and Coinbase ( COIN) fell over 2%; Robinhood ( HOOD ), Block ( XYZ) and MARA Holdings Inc ( MARA) all fell more than 1%.

The catalyst for this sharp decline, beyond the risk-off sentiment triggered by geopolitical tensions between the U.S. and Iran, was MicroStrategy’s own actions, which shocked the crypto community. Yesterday, news broke that the company sold Bitcoin for the first time, which not only caused…