Bitcoin Slumps 19%, Saylor Defies Odds with New Buy Signal

Bitcoin's price has dropped nearly 19% in June, marking its biggest monthly loss since June 2022. Despite this, Michael Saylor, CEO of Strategy (MSTR), signaled that his company would continue to buy Bitcoin, posting on X 'we're gonna need more charts.'

This move comes as the world's largest cryptocurrency hovers near $60,000 after briefly dipping to around $58,100 earlier in the week. The price drop is attributed to a semiconductor-led risk-off move that dragged the cryptocurrency lower.

Strategy's market-to-net-asset-value (mNAV) ratio fell below 1 for the first time, eroding the premium that fueled its Bitcoin acquisition strategy. This has raised concerns about whether the company can service its dividend obligations and continue raising capital without selling Bitcoin.