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Bitcoin (
$75,516.00 ) fell to around $72,000 on Wednesday, marking its lowest level of the year as selling pressure across digital assets intensified. The move deepens a downtrend that has been in place since mid-January, when Bitcoin ( $75,516.00 ) peaked near $96,000.
The selloff weighed broadly on crypto-linked equities, though the steep drop in Strategy shares stood out given the company’s position as the largest corporate holder of bitcoin. With roughly 713,000 Bitcoin ( $75,516.00 ) acquired at an average price near $76,000, the slide to $72,000 leaves the company facing sizable unrealized losses on its treasury.
At current prices, the position implies an unrealized loss of about $2.9 billion. Shares of Strategy fell about 9% on the day, sliding to around $121.9, a level last seen in September 2024.
Coinbase fell roughly 8%, while Robinhood dropped around 10% as investors reduced exposure to crypto-sensitive names. Mining stocks were among the hardest hit, with Cipher Mining off roughly 21%, Iren down about 18%, and Hut 8 sliding about 14%.
Marathon Digital and Riot Platforms each fell around 11%. Ethereum (
$2,308.07 ) treasury-focused companies also came under pressure, with BitMine down about 10% and SharpLink Gaming off roughly 8%.
The broader crypto market continued to soften, with total market capitalization slipping about 3% to roughly $2.5 trillion. Ether traded near $2,100, Solana hovered around $90, and XRP (
$1.42 ) fell to about $1.51.
Weakness in digital assets came alongside a pullback in broader risk markets. The S&P 500 fell about 1%, while the Nasdaq dropped close to 2%. Gold eased around 1% and silver fell about 0.3%.
Market stress was evident in derivatives data, with more than $120 million in crypto positions liquidated in recent hours and over $860 million wiped out over the past 24 hours.
