Bitcoin Breaks $60K Support Amid Broader Weakness in Nikkei and Kospi
Here’s a sharper, more concise rewrite with a clean market-report tone:
Bitcoin attempted a modest rebound even as Asian equities declined, extending a broader risk-off sentiment after steep losses on Wall Street.
STRC slides further
Strategy’s (MSTR) preferred shares, STRC, remained under pressure in pre-market trading, dropping 2.5% to $73.80, while MSTR stock fell another 2%.
Bitcoin (BTC) was little changed, holding near $59,300.
As selling intensifies across BTC and Strategy-linked assets, commentary around Michael Saylor’s approach has grown louder.
Nakamoto (NAKA) CEO David Bailey—whose company’s stock has plunged more than 99% since last summer—proposed a turnaround plan on X. His suggestions include a $2 billion equity raise, pausing dividends, and using cash reserves to repurchase preferred shares at discounted levels.
He argued these steps could ease forced selling, stabilize the capital structure, and help restore investor confidence.
Accumulation trend strengthens
All bitcoin wallet cohorts have shifted back into accumulation for the first time this year, according to Glassnode, as BTC trades below $60,000.
Buying initially picked up among retail investors and has now expanded to large whale entities holding over 10,000 BTC, signaling broad-based demand.
Risk-off tone persists
Bitcoin slipped below $60,000 in early trading, down marginally. Meanwhile, safe-haven assets edged higher, with gold above $4,000 and silver above $58.
A stronger U.S. dollar (DXY above 101) weighed on risk assets, pushing the Nasdaq 100 ETF (QQQ) down 1%.
Chipmakers also pulled back, with Micron (MU) and Sandisk (SNDK) each falling around 5% after the previous session’s rally.
Bitmine to join Russell 1000
Bitmine Immersion Technologies (BMNR) is set to be added to the Russell 1000 Index, a move likely to drive increased institutional inflows.
The company holds roughly 5.67 million ETH alongside significant cash reserves and no debt, though its stock remains far below prior highs.
Saylor reiterates long-term strategy
Michael Saylor said volatility continues to test capital structures, emphasizing Strategy’s focus on bitcoin, disciplined capital allocation, and long-term value creation.
MSTR shares are now down more than 85% from their November 2024 peak, while STRC trades about 25% below its $100 par value.
Crypto market eyes third straight quarterly drop
Major tokens—including BTC, ETH, XRP, and SOL—are on track for a third consecutive quarterly loss, mirroring patterns seen during the 2022 downturn.
Bitcoin is down roughly 12% this quarter, with ether off 25%, XRP 22%, and solana 16%. Select tokens like HYPE, ZEC, and NEAR have bucked the trend with strong gains.
ETF outflows extend losses
U.S. spot bitcoin ETFs recorded $696 million in outflows, marking six straight days of redemptions. Ether ETFs also saw continued withdrawals, with total assets declining to $8.3 billion.
Tether briefly overtakes ether
Tether’s USDT temporarily surpassed ether in market value, becoming the second-largest crypto asset behind bitcoin, largely due to ETH’s recent weakness.
Liquidations top $1 billion
More than $1 billion in crypto positions were liquidated in the past 24 hours, with long positions taking the bulk of the hit.
Bitcoin led with $489 million in liquidations, followed by ether at $295 million, as prices hovered near key support levels. Quarter-end options expiry is adding to volatility.
Bitcoin rebounds as Asia weakens
Bitcoin recovered to around $59,800 after dipping earlier, though it remains down on both weekly and monthly timeframes.
Analysts continue to highlight the $50,000–$60,000 range as a key support zone.
Asian markets, meanwhile, stayed under pressure, with South Korea’s Kospi dropping 8% and Japan’s Nikkei falling 3%, reflecting ongoing global risk aversion.
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