Bitcoin is down more than 1% on Tuesday as the Japanese yen fell to a four-decade low against the U.S. dollar, triggering volatility in foreign exchange markets.
The leading cryptocurrency by market value is trading below $60,000, holding below the 200-week simple pivot moving average.
On Monday, Strategy, the world’s largest publicly traded BTC holder, authorized plans to repurchase up to $1 billion each of its preferred and Class A shares, and is launching a $1.25 billion “monetization program” to raise capital through bitcoin sales. Essentially, he could sell BTC worth over $1 billion in an already weak market – a watershed from founder Michael Saylor’s long-standing mantra of “never sell your bitcoin.”
This pivot could, however, offer little comfort in the long term, according to some observers. Strategy STRC’s preferred stock, a yield-generating coin, has crashed in recent weeks, weakening the company’s primary funding channel for BTC purchases.
“The can has been discontinued for a year or two,” Arca CIO Jeff Dorman said on X.
