Share this article
U.S. Crypto Stocks Sink in Pre-Market Trading as BTC Slumps
Bitcoin traded around $54,400 in Europe, a 24-hour drop of 5.8%, having earlier fallen to the lowest level since late February
Updated Jul 5, 2024, 3:26 p.m. Published Jul 5, 2024, 10:19 a.m.
Make us preferred on Google
- The slump coincides with defunct crypto exchange Mt. Gox moving $2.6 billion worth of BTC to a new wallet prior to commencing creditor repayments.
- Michael Saylor's software company MicroStrategy, which holds over 210,000 BTC, and bitcoin miner Hut 8 led the declines.
U.S. crypto-adjacent stocks were in the red in pre-market trading on Friday as bitcoin crashed to the lowest level since February.
Michael Saylor's software company MicroStrategy (MSTR), which holds over 210,000 BTC, and bitcoin miner Hut 8 (HUT) were the worst affected, sliding 8.5% and 9.5%, respectively.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Other mining companies, including Marathon Digital (MARA), CleanSpark (CLSK) and Riot Platforms (RIOT), fell between 6%- 7.5%. Cryptocurrency exchange Coinbase (COIN) lost 6.5%.
Bitcoin is hovering around $54,400 as of mid-morning in Europe, a fall of 5.8% in 24 hours. It earlier slumped as low as $53,600, its lowest level since late February.
The decline coincides with defunct crypto exchange Mt. Gox moving $2.6 billion worth of BTC to a new wallet, and saying it was commencing creditor repayments 10 years after it collapsed. Traders seem to have been spooked by the prospect of recipients immediately offloading their coins, creating mass selling pressure.
Read More: Mt. Gox Doomsday Scenario Involves Bitcoin Cash, Not Bitcoin: Analyst
More For You
More For You
Trump-linked Truth Social seeks SEC approval for two crypto ETFs
The filings include a bitcoin and ether ETF and a staking-focused Cronos fund, deepening the Truth Social brand’s ambitions in digital asset investing.
What to know:
- Yorkville America Equities, the firm behind Truth Social–branded ETFs, has filed with the SEC to launch a Truth Social Bitcoin and Ether ETF and a Truth Social Cronos Yield Maximizer ETF.
- The proposed Cronos-focused ETF would invest in and stake Cronos (CRO) tokens, aiming to generate yield through staking rewards in addition to price exposure.
- If approved, the funds would be launched in partnership with Crypto.com, which would provide custody, liquidity and staking services, and be distributed through its affiliate Foris Capital US LLC.
Top Stories
