Bitcoin falls 2.5% to $62,400 amid broader crypto declines, driven by forced selling fears from stressed miners and MicroStrategy’s STRC stock.
Bitcoin declined 2.5% to $62,400, marking its fourth consecutive daily loss as selling pressure intensified across cryptocurrency markets. Ether, XRP, and solana also weakened, dragging the CoinDesk 20 Index down 3.3% in 24 hours.
The downturn follows concerns over MicroStrategy (MSTR), the largest publicly traded bitcoin holder, and its dividend-paying preferred stock, STRC. Analysts warn the company may need to liquidate holdings to defend its financial structure after prolonged sub-cost BTC prices. Derivatives data shows elevated long liquidations and bearish funding rates.
Smart-contract and DeFi tokens led losses, with the CoinDesk Smart Contract Platform Select Capped Index falling 4%. The broader market decline reflects heightened risk aversion amid fears of forced selling from miners and corporate treasuries.