Smart-Contract and DeFi Coins Lead Losses as BTC Price Wilts for 4th Straight Day
Nine Fed members expect a rate increase before year-end, and Bitcoin’s slide also pressured Strategy’s preferred shares and broader crypto stocks.
- On Thursday, Strategy shares fell 5.59% to $110.05 as the Michael Saylor-led bitcoin treasury company faced pressure, with STRC preferred shares dropping to a record low of $85.32.
- Bitcoin slid under $63,000 following Wednesday's hawkish Federal Reserve meeting where Fed Chair Kevin Warsh kept rates unchanged, leaving markets pricing only a 15% chance of steady rates through December.
- Analysts at Marex said, "Add five straight months of BTC trading under its estimated $78k production cost, quietly forcing the weakest miners to capitulate, and you have two real sellers."
- As the market wilted, $450 million in leveraged bets were liquidated within 24 hours, and funding rates for most tokens remain flat to negative, pointing to bearish sentiment.
- Traders are prepping for a potential slide down to $52,000 for bitcoin in the coming weeks, while Strategy stock sits 43.3% under the 200-day simple moving average with key support at $104.00.
15 Articles
15 Articles
Strategy director dumps $9M in shares as STRC rout hits MSTR stock
A Strategy director has sold nearly $9 million worth of company shares over the past three months as pressure on the firm’s preferred stock offerings and concerns over future dividend funding continue to weigh on MSTR. According to a recent…
CryptoSlate
BITRSSSTRC’s plunge puts Saylor’s Bitcoin dividend machine under pressure
STRC, Strategy's perpetual preferred stock, traded as low as $82.61 on June 18 before recovering to $88.59, putting the security nearly 17% below its $100 stated amount at the intraday low. MSTR fell 3.4% to $112.53 during the same session, while Bitcoin traded near $62,730, down about 2.5%. Strategy designed STRC to hover around $100 through monthly dividend-rate adjustments, currently set at 11.50% annualized, payable semi-monthly in cash. At …
MicroStrategy’s preferential stock STRC fell to a new historical minimum and fell well below its nominal value of $100, a move that threatens one of the company’s main funding routes to buy more Bitcoin and reopens the debate about whether it could end up selling part of its BTC reserves. *** STRC closed at $88.59 on Thursday and reached a minimum intraday of $82.5, with a monthly drop of more than 10%. The weakness of the title reduces MicroStr…
Strategy's STRC Preferred Stock Closes at $88.59 for Second Straight Day Below $90
Strategy’s preferred stock, STRC, closed at $88.59 Tuesday — the second day running it’s finished under that $90 line traders… Read the original on Strategy’s STRC Preferred Stock Closes at $88.59 for Second Straight Day Below $90. For more crypto news and analysis, visit TheCurrencyAnalytics.com.
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