DeFi and smart-contract coins lead losses as bitcoin falls for 4th day
Bitcoin fell 2.5% to below $62,400, extending its losing streak to four days, while DeFi and smart-contract tokens suffered steeper losses amid concerns over Strategy's preferred stock.
Bitcoin extended its losing streak to a fourth straight day, falling 2.5% in 24 hours to just below $62,400, as selling pressure broadened across the cryptocurrency market.
The CoinDesk 20 Index (CD20) dropped 3.3%, with ether (ETH), XRP and solana (SOL) all weaker. The CoinDesk Smart Contract Platform Select Capped Index fell 4%, while the CoinDesk 80 and CoinDesk DeFi Select Index also declined sharply. DeFi and smart-contract platform tokens led the losses, reflecting heightened risk aversion among crypto traders.
Market sentiment remains dominated by concerns about Strategy (MSTR), the Michael Saylor-led bitcoin treasury company. Its dividend-paying preferred stock, STRC, has collapsed below par, raising worries about the company's ability to service its debt and maintain its bitcoin purchasing strategy. This has weighed on the broader crypto market, as Strategy is the largest publicly listed bitcoin holder. Live crypto prices and charts on NowPrice show how the market is reacting to these developments in real time.
Traders are now watching for any further deterioration in Strategy's financial position, as well as key support levels for bitcoin around $60,000. A break below that level could trigger further selling, while a stabilization in STRC might help restore confidence. The coming days will also see macroeconomic data releases that could influence risk appetite across all asset classes.