Bitcoin dropped to its lowest level since February, falling as much as 2.3% due to record outflows from spot Bitcoin ETFs totaling $2.3 to $2.8 billion and weakening institutional demand. Strategy's sale of 32 bitcoins, its first in nearly four years, challenged its 'never sell' stance, adding pressure to the market. External factors like Middle East tensions, rising oil prices, and expectations of sustained high Fed interest rates have shifted investor preference from cryptocurrencies to safer assets. Analysts warn that if Bitcoin falls below $70,000, it could test support levels near $65,000 to $68,000.
Bitcoin has fallen 35% over the past year, creating the widest performance gap versus the Nasdaq-100 since 2019. Options trading shows growing bearish sentiment, with more puts than calls on crypto equities like iShares Bitcoin Trust and Michael Sayl...
Michael Saylor's company, Strategy (MSTR), saw its stock price drop over 30% shortly after selling 32 Bitcoins to fund equity commitments. Although the sale was small, it shook investor confidence due to the company's reputation for hoarding Bitcoin....
Bitcoin fell below the key $70,000 level, dropping about 5% in 24 hours and 8% for the week, causing Strategy and Coinbase stocks to decline 10% and 6% respectively. Strategy's recent sale of 32 BTC to fund dividends added to market concerns despite ...
