Bitcoin can’t catch a break these days as the rejection from $67,200 at the beginning of the previous week continues to haunt it and push it south.
In alignment with Strategy’s stock price, the primary cryptocurrency has plummeted below the crucial support at $60,000.
Source: TradingView
It was just over a week ago that the overall sentiment in the crypto industry was much more positive, as U.S. President Donald Trump promised a deal with Iran that was supposed to be signed by June 19.
The actual confirmation didn’t arrive; instead, the two sides clashed again, and the POTUS made new threats over the weekend of further attacks.
Meanwhile, investor exodus from the spot Bitcoin ETFs continued as net outflows continue to dominate daily.
Fear Around MicroStrategy Mounts as Stock Price Plunges
Perhaps the most crucial part of the current market environment is Michael Saylor’s Strategy as the firm’s STRC shares still trade below their peg of $100.
FUD around the largest corporate BTC accumulator continues. Some analysts believe the company would have to sell at least 50,000 BTC in the next few years, while others urged Strategy to halt its bitcoin purchases for now.
The company has indeed begun announcing smaller BTC purchases while it focuses on rebuilding its USD reserves.
However, its main stock price has also taken a major beating, plunging by 10% daily to $93 as of press time. This marks a 2-year low.
With most alts following BTC on the way south, the total value of liquidated positions across derivatives markets is around $650 million, according to data from Coinglass.
