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 being a small fraction of its holdings. Coinbase faces pressure from declining trading volumes and a recent net loss, with cost cuts underway. Investors are watching for potential Bitcoin stabilization, new Strategy purchases, or analyst updates that could shift market sentiment.
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 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...
