Bitcoin has fallen more than 1% on Tuesday as the Japanese yen fell to a four-decade low against the US dollar, sparking volatility in currency markets.
The leading cryptocurrency by market cap traded below $60,000, holding below the key 200-week simple moving average.
On Monday, Strategy, the world’s largest publicly traded BTC holder, approved plans to buy back as much as $1 billion each of its preferred stock and Class A shares, and is launching a $1.25 billion “revenue program” to raise capital with bitcoin sales. Essentially, it could sell over a billion dollars worth of BTC in an already weak market — a sharp departure from founder Michael Saylor’s longtime mantra of “never sell your bitcoin.”
However, this pivot may offer little long-term comfort, according to some observers. The strategy’s favorite stock STRC, a dividend-generating play, has cratered in recent weeks, weakening the company’s major funding channel for BTC purchases.
“The can has been kicked down the road for a year or two,” said Jeff Dorman, CIO of Arca, at X.
