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
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.
Strategy Shares Sink to 52-Week Low Amid Ongoing Weakness
Strategy Inc. (MSTR) shares suffered a sharp drop of more than 5% this Thursday, hovering around $112.53. This decline occurred after it was confirmed that the company suspended its at-the-market (ATM) preferred stock offering program because its STRC vehicle fell to all-time lows of $89, trading below its par value. Additionally, multimillion-dollar stock sales by top company executives, including director Jarrod Patten, exerted significant dow…
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