Bitcoin slides on ‘weak’ sentiment, Strategy, Coinbase among crypto stocks hit
Bitcoin (BTC-USD) tumbled as much as 8% on Monday alongside crypto-related stocks, casting doubt on a year-end rally despite growing prospects of a Federal Reserve interest rate cut.
The world’s largest cryptocurrency fell from around $91,000 on Friday to as low as $84,000 on Monday over concerns that Japan could raise interest rates, sparking fears that investors who borrowed Japanese yen to buy assets like US stocks and bitcoin might then rush to reverse those trades.
The last time such an unwind happened, in August 2024, bitcoin plunged from over $66,000 to around $54,000 in just a few days, an 18% drop, Nic Puckrin, investment analyst and co-founder of the Coin Bureau, noted.
“Now that history is repeating itself, it’s…
