Tech
Cryptocurrency markets fall as tech stocks fall
MicroStrategy purchased another $786 million in Bitcoin as the German government is reportedly reducing its BTC holdings.
Cryptocurrency markets initially recovered on Friday morning after business intelligence firm MicroStrategy acquired an additional 11,931 BTC.
However, markets returned to the red due to the sell-off in technology stocks after the Nasdaq index hit an all-time high of 19,980.
Bitcoin trades flat on the day, while Ethereum fell 0.6%. Solana fell 2.5%.
Meanwhile, blockchain analytics firm Arkham relationships that the German government has dumped BTC, with just under $200 million sold so far.
The purchase by MicroStrategy was worth $786 million. According to a Thursday archiving, the company acquired BTC at an average price of $65,883 between April 27 and June 19. This brings MicroStrategy’s total Bitcoin holdings to 226,331 BTC.
According to founder Michael Saylor, these holdings were accumulated at an average price of $36,798 per Bitcoin, for a total of $8.33 billion.
Memecoins Dogecoin, Shiba Inu, and Pepe have seen losses of between 1% and 4% in the past 24 hours.
According to data from CryptoQuant, the dominance ratio of meme coins over altcoins has decreased, dropping sharply from 0.060 to below 0.045 on Friday.
“CT will shift from gambling to focusing on fundamentals, similar to a few years ago,” Ki Young Ju, CEO of CryptoQuant She said. “Pack your bags guys, it’s over.”
In other BTC news, the VanEck Bitcoin ETF has begun trading on the Australian Securities Exchange (ASX).
According to CoinGlass, over 43,599 traders have been liquidated in the last 24 hours, with total liquidations amounting to $111 million. The largest single liquidation order occurred on Bybit with a BTC-USD value of $8.09 million.
Michael van de Poppe, CEO of MN Trading, you think that Bitcoin has likely bottomed in this area between $63,000 and $65,000.
“As a result, altcoins are starting to show more strength, as Bitcoin’s dominance is waning,” he said. “The turning point is on the horizon”.
US stock markets fell on Wednesday, driven by losses in the technology sector. The S&P 500 index fell 0.3%, while the Nasdaq Composite fell 0.8%. In particular, according to Yahoo Finance, the Dow Jones Industrial Average is up 0.4%.