bitcoin fell more than 1% on Tuesday as the Japanese yen fell to four-decade lows against the US dollar, causing volatility in currency markets.
The leading cryptocurrency by market value traded below $60,000, remaining below the 200-week simple moving average.
On Monday, Strategy, the world’s largest publicly traded BTC holder, authorized plans to buy back up to $1 billion each of its Class A preferred and common stock, and is launching a $1.25 billion “monetization program” to raise capital with bitcoin sales. Essentially, it can sell more than $1 billion worth of BTC in an already weak market, a sharp twist on founder Michael Saylor’s old mantra of “never sell your bitcoin.”
However, this turn may offer little long-term comfort, according to some observers. Strategy’s preferred stock STRC, a yield-generating play, has plunged in recent weeks, weakening the company’s main funding channel for BTC purchases.
“The can has been on the back burner for a year or two,” Arca CIO Jeff Dorman said in X.
