Bitcoin Price Plummets Below $64,000 After Strategy Sells 1,690 BTC
Bitcoin's price plummeted below $64,000 on August 10 after Strategy sold 1,690 BTC to repurchase STRC preferred stock. The sudden drop erased nearly 2% of bitcoin's market capitalization, reducing it to $1.28 trillion and wiping out over $47 million in long leveraged positions.
The price reversal triggered over $47 million in long position liquidations across the crypto market. Strategy CEO Phong Le defended the asset sale, while critics like Peter Schiff questioned its stock value.
According to the daily chart, bitcoin tapped an intraday high of $65,416 just after 6 p.m. EST on Sunday, but retreated slightly and held the $65,000 level into the early hours of August 10. However, breaking support shortly after 8 a.m. EST, bitcoin tumbled to just under $63,770.
Strategy achieved an average price of $64,262 per coin from the sale of 1,690 BTC between August 3 and August 9. Using the $108.6 million generated from the sale, Strategy repurchased 1,152,020 STRC shares.