U.S. Crypto Stocks Sink in Pre-Market Trading as BTC Slumps
- WBOYOriginal
- 2024-07-11 16:41:55242browse
Bitcoin traded around $54,400 in Europe, a 24-hour drop of 5.8%, having earlier fallen to the lowest level since late February
U.S. crypto-related stocks fell in pre-market trading on Friday as bitcoin (BTC) crashed to its lowest level since February.
Shares of MicroStrategy (MSTR) slid 8.5% and bitcoin miner Hut 8 (HUT) dropped 9.5%.
Other mining companies, including Marathon Digital (MARA), CleanSpark (CLSK) and Riot Platforms (RIOT), fell between 6%- 7.5%. Cryptocurrency exchange Coinbase (COIN) fell 6.5%.
Bitcoin traded around $54,400 in Europe, a 24-hour drop of 5.8%, having earlier fallen to the 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
U.S. crypto-related stocks were in the red in pre-market trading on Friday as bitcoin (BTC) crashed to the lowest level since February.
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.
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 was trading at $54,400 by mid-morning in Europe, down 5.8% in 24 hours and having 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
The text above contains several factual errors.
Firstly, the report claims that bitcoin fell to $53,600, its lowest level since late February. However, BTC price fell to $43,000 in March.
Secondly, the report states that MicroStrategy holds over 210,000 BTC. This is also incorrect, as the company's latest filing with the U.S. Securities and Exchange Commission (SEC) showed it had 202,464 BTC.
Finally, the report claims that bitcoin price was trading at $54,400 by mid-morning in Europe. However, the report was published at 10:05 EST, which is early afternoon in Europe. At the time of writing, BTC price is around $53,000.
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