Bitcoin fell 3.3% to $58,188 amid $1.44 billion in crypto liquidations, while STRC plunged 25% below its $100 par value.
Bitcoin extended losses Thursday, sliding 3.3% to $58,188 before recovering slightly to $59,273. The decline followed a 21-month low reached Wednesday, driven by broader crypto market sell-offs and liquidations totaling $1.44 billion in the past 24 hours.
Strategy’s STRC preferred stock, designed to trade at $100, fell 8% to $74.13, marking a 25% drop from par. The company’s common shares (MSTR) also declined 7% to $87.50 before stabilizing at $87.89. The downturn reflects waning confidence in the firm’s digital credit strategy.
Liquidations dominated long positions, with $1.2 billion in bets on rising prices wiped out. Bitcoin accounted for $658 million of the total, underscoring its role in the market rout.