Bitcoin

The world's biggest cryptocurrency fell toward $25000 amid a broader selloff fanned by concerns about rising U.S. interest rates.

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Factors including rampant inflation and an imminent interest rate hike from the U.S. Federal Reserve, along with an issue at Celsius, are behind the ...

Users then get yield as a result of the revenue Celsius earns. Celsius, which claims to have 1.7 million customers, advertises to its users that they can get a yield of 18% through the platform. "Since Nov 2021, sentiment has changed drastically given the Fed rate hikes and inflation management. Ayyar noted that in previous bear markets, bitcoin had dropped around 80% from its last record high. Bitcoin and other cryptocurrencies have tended to correlate with stocks and other risk assets. The cryptocurrency market capitalization fell below $1 trillion on Monday for the first time since February 2021, according to data from CoinMarketCap.

Group's own coin sheds half its value in 24 hours as funds freeze deals heavy blow to cryptocurrency market.

Celsius CEO Alex Mashinsky. Piaras Ó Mídheach | Sportsfile for Web Summit | Getty Images. Celsius, a controversial cryptocurrency lending platform, said Monday ...

"We've been doing this for five years now, longer than anybody else," he said at the time. Just last week, the company said it had not had any issues meeting withdrawal requests. Celsius has valuable assets and we are working diligently to meet our obligations." The firm has seen the value of its assets more than halve since October, when it handled $26 billion in client funds. Ether dropped 8% to $1,329, while Celsius' cel token plunged more than 50%. Celsius' cel token has also erased 97% of its value in the same timeframe.

Despite the collapse in the domestic equity market today, the cryptocurrency markets have reached a record low in 2022. The worldwide crypto market value is ...

The worldwide crypto market value is $985.07B, an 11.08 per cent loss over the past day, according to CoinMarketCap statistics, and with today's dip this year, the global cryptocurrency market cap has plummeted by almost USD 1 trillion so far. Edul Patel Co-Founder & CEO of Mudrex-A Global Crypto Investing Platform said “Crypto prices plunged following the U.S inflation report, which came in at a 40-year high of 8.6% over the weekend. In the midst of a bearish crypto market, Bitcoin, the world's largest and most popular cryptocurrency, fell 11.10 per cent in the previous 24 hours to $24,556.65 USD with a 24-hour trading volume of $51,70,28,31,258 USD. Bitcoin's market cap has dropped 11.77 per cent to $463,816,731,125.85, and the top three losers of the day are Green Satoshi Token, Bitcoin, and BNB. The RSI dropped below 30 as Bitcoin entered the oversold zone." On the daily time-frame, the BTC trend has broken below the long formed triangle pattern. The worldwide crypto market value is $985.07B, an 11.08 per cent loss over the past day, according to CoinMarketCap statistics, and with today's dip this year, the global cryptocurrency market cap has plummeted by almost USD 1 trillion as of now.

Bitcoin tumbled Monday to an 18-month low under $25000 as investors shunned risky assets in the face of a global markets selloff.

Bitcoin plunged to the lowest in about 18 months in Asia trading Monday as the impact of Friday's shock US inflation data continued to reverberate through ...

The MVIS CryptoCompare Digital Assets 100 Index, which measures 100 of the top tokens, dropped as much as 17%. And the total market value, which topped $3 trillion in November, dropped below $1 trillion as of 10:54 a.m. New York time on Monday, according to CoinGecko. Bitcoin plunged to the lowest in about 18 months after the freezing of withdrawals by the Celsius lending platform added to concern that systemic risk in the crypto ecosystem will accelerate the digital-asset market meltdown. The world’s largest digital token tumbled as much as 17% to $22,603 -- its lowest since December 2020.

The Celsius crypto network has halted all trading, including withdrawals, according to a press release from the company released overnight.

Furthermore, customers will continue to accrue rewards during the pause in line with our commitment to our customers,” Celsius said. “We understand that this news is difficult, but we believe that our decision to pause withdrawals, Swap, and transfers between accounts is the most responsible action we can take to protect our community. Celsius has valuable assets and we are working diligently to meet our obligations,” the statement continued. But what are those “terms of use” Celsius is referencing? “Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, Swap, and transfers between accounts. The Celsius crypto network has halted all trading, including withdrawals, according to a press release from the company released overnight.

Bitcoin fell to its lowest since December 2020 to trade at $25,272 on Monday. The carnage comes against a backdrop of high inflation rates, and crypto ...

Treasury Secretary Janet Yellen last week called for tighter regulation of the crypto industry. "Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, Swap, and transfers between accounts. The reading exceeded economist expectations for last month at 8.3% due to the soaring cost of energy and food. Ether, the second-biggest cryptocurrency, tanked 15.8% to trade at $1,234.93, set for its biggest one-day fall in a year, while while cardano and solana plummeted 13% and 16%, respectively. Last month, major tokens including bitcoin and ether endured intense sell-offs as investor anxiety built over the Fed's easing of its ultra-easy policy and a high-profile collapse in algorithmic stablecoin TerraUSD. The crypto market as a whole had lost $500 billion in value as a result of the collapse. Meme coin dogecoin dropped 14%.

Major crypto lending platform Celsius on Monday announced that it was suspending all withdrawals due to “extreme market conditions,” triggering a major ...

Questions have been raised about crypto platforms like Celsius that promise massive yields to their customers after last month’s high-profile collapse of another high-yielding stable coin, Terra, and its companion token, Luna, last month. Celsius runs one of the largest crypto lending operations in the world and it managed to raise $750 million in funding last year from the likes of investment firm WestCap and Canadian pension fund manager Caisse de dépôt et placement du Québec. Celsius has also borrowed $500 million from the U.S. dollar-pegged stable coin Tether, down from an originally planned loan of $1 billion. According to the Financial Times, Celsius was also impacted by the overall decline in the cryptocurrency market in the last few months with its overall assets dropping from a value of $24 billion in December 2021 to $11.8 billion last month.

Bitcoin steadied on Tuesday after earlier hitting a new 18-month low, as major crypto lender Celsius Network's freezing of withdrawals and the prospect of ...

Ether is down 75% from its record high of $4,869, hit in November. “It will take a shift in the overall risk sentiment to turn the price around significantly.” The company did not immediately respond to a request for comment outside business hours. Since its record high of $69,000 in November, it has slumped nearly 70%. It has shed about half its value this year and over 20% since Friday alone. That could see it stake more bitcoin against the loan or trigger the sale of some of its vast holdings.

Crypto winter has hit investors. The worldwide cryptocurrency market valuation has dropped by roughly $1 trillion in 2022, and almost all leading coins are ...

Some crypto proponents that this is not something that has never happened before and patience is the key. Even though it is difficult to make any predictions, we will see in the coming months an increase in the institutional adoption of crypto and an increase in its regulation," says Caudevilla. “This has fuelled pessimism in the markets, and investors are staying away from risky assets such as crypto. More interest rate hikes would be needed to tame inflation, bringing more fragility and uncertainty in the markets. Recent numbers from the US Bureau of Labor and Statistics peg inflation at a four-decade high of 8.6 per cent. The price of Bitcoin (BTC) plunged below $25,000 on Monday from $64,000 in the year 2021.

The crypto market sell-off deepens as prominent lender Celsius blocks customers from accessing their assets. Volatility in Lido's staked ether adds to ...

"1. As outlined by @SmallCapScience, an entity like Celsius has to sell stETH to ETH to cover customer withdrawals (at an increasingly worse price). 2. "1 stETH = 1 ETH after the Merge. Lido is fully backed, and you can verify it on-chain — this is not under discussion. The stETH token has historically traded in lockstep with ether's spot market price. The stETH holders can sell their tokens for ETH in the open market. Celsius' own coin called CEL plummeted 56% to $0.18, down from the record price of $8 reached in June 2021. Bitcoin, the biggest cryptocurrency by market value, fell to $24,700, losing 10% in 24 hours. However, with liquidity abound, investors ignored the alarm bells only to find themselves in troubled waters ever since the Fed turned its focus to inflation control and liquidity tightening late last year. Lido is the world's biggest liquid staking protocol, allowing users to stake their coins while retaining the liquidity that can be used across the DeFi space to earn extra yield. Leveraged yield farmers (e.g. the Instadapp Lite vault). The cascading liquidations would begin closer to 0.85." That, in turn, could exacerbate panic selling. The algorithmic dollar-pegged stablecoin lost its peg on May 8, eventually crashing to near zero and wiping out $40 billion in investor wealth. The crypto lending business boomed in recent years, as central banks resorted to unprecedented money printing in the wake of the coronavirus-induced crash of 2020.

Binance said Monday that it is temporarily pausing bitcoin withdrawals “due to a stuck transaction causing a backlog.” At first, Binance founder and CEO ...

Binance is the world's largest crypto exchange. But he later amended that to say, "Likely this is going to take a bit longer to fix than my initial estimate." "Funds are SAFU," he added.

The bitcoin price has crashed, dragging down ethereum and other major cryptocurrencies. CryptoCodex. The combined cryptocurrency market has dropped below $1 ...

💷 On Thursday, the U.K.'s Bank of England will make its interest rate decision. "We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations," the company said in a blog post, adding it needed time to "stabilize liquidity and operations." Catch up quick: After the dramatic collapse of the terraUSD (UST) stablecoin and its support coin luna last month, crypto traders had been nervously watching the likes of Celsius, fearing similar high-interest accounts could also face difficulties as the bitcoin price continued to crash. 🏦 On Wednesday, the U.S. Federal Reserve will announce its latest interest rate decision with economists widely predicting another 50 basis point hike. Mercury rising: Major crypto lending platform Celsius has suspended all withdrawals from its platform due to what it called "extreme market conditions" as cryptocurrency prices go into free fall and users rush to get their coins off the platform. The issuer of the $72 billion tether stablecoin has this morning distanced itself from Celsius. "While Tether’s USDT a statement. Why it matters: Questions have been raised and rumors are swirling about how connected Celsius is to the wider crypto ecosystem and if the contagion will spread. Markets in the U.S. are set to open sharply lower, following declines in Asian and European stocks. Mere hours before suspending withdrawals, Celsius chief executive Alex Mashinsky hit out at critics on Twitter, denying users were having trouble withdrawing funds and accusing them of spreading FUD—a popular crypto acronym for "fear, uncertainty and doubt." 🗣 Tomorrow, the U.S. Securities and Exchange Commission (SEC) chairman, Gary Gensler, will deliver remarks on the SEC's agenda at an event organized by the Wall Street Journal. Speaking last month, Gensler warned of more pain to come for the crypto market and said he feared "there’s going to be a lot of people hurt." ⚙️ Wall Street giant JPMorgan is gearing up to bring trillions of dollars of tokenized assets into the world of blockchain-based decentralized finance (DeFi) as it looks to tap the yield-generating potential of non-crypto assets "with the scale of institutional assets." Crypto lending platform Celsius' cel cryptocurrency has lost a face-melting 50% over the last 24 hours due to the platform suspending withdrawals, citing "extreme market conditions," sparking fears of an imminent collapse.

One of the world's biggest cryptocurrency lenders has paused all withdrawals as the market meltdown continues apace.

She said her department was due to release a report on the matter. The coin was valued at a little over $18 billion in early May before it crashed, according to data from CoinMarketCap. Tether, a popular stablecoin, broke its peg to the US dollar in May, puncturing the view that it could serve as a hedge against volatility.

Prices of cryptocurrency fell after Celsius announced a pause on withdrawals from its DeFi lending platform. Binance has temporarily paused Bitcoin ...

One other area to watch is Bitcoin mining, where CoinTelegraph reports, based on data from Bitdeer and others, that older mining rigs risk shutdown at current prices and mining difficulty. In the midst of these falling crypto prices, the major trading exchange Binance has also paused Bitcoin withdrawals. In the hours that followed the pause, prices of other cryptocurrencies have also tumbled.

Cryptocurrency prices are plunging again amid ongoing inflation and after Celcius, a crypto lending platform, paused withdrawals and transfers.

I have USDC in my account that I want to use to repay my loan that has a margin call right now, but I can't even repay the damn loan because of the transfer freeze. Some people on social media are referring to today as “Black Monday.” So where does crypto go from here? - Celsius: This is the wildcard on this list. Crypto investors are seeing red this morning as the entire cryptocurrency market appears to be heading off a cliff. As is completely understandable, Celsius users on Twitter are furious. This reduced consumer spending spooks the markets, which usually causes investors to flee riskier investments.

The world's largest crypto exchange, Binance, paused withdrawals of the world's biggest cryptocurrency, Bitcoin, on Monday.

Binance advised users who encounter the issue to resubmit their orders once transactions start flowing again. Transactions in both coins were halted for three days before trading resumed. In the event, withdrawals were resumed at 11:30am EST, some three and a half hours after CZ's initial tweet.

Bitcoin tumbled Monday to an 18-month low under $23 000 in a broad cryptocurrency crash, as investors shunned risky assets in the face of a vicious global ...

"With the era of cheap money coming rapidly to an end, traders are becoming much more risk averse and turning their backs on crypto assets." The total value of customer deposits had already shrunk by more than half to under $12 billion in May compared with the end of last year. "Today we are announcing that Celsius is pausing all withdrawals, swap, and transfers between accounts," the platform said in a statement.

Bitcoin and ethereum tanked more than 15% Monday morning amid surging inflation and a shaky stock market. Here's what it means for crypto investors.

Bitcoin has the highest score of all cryptocurrencies, with ethereum close behind — even if there’s a return to prices closer to their all-time highs in late 2021. Reaction: “It is important to understand that bitcoin’s current drawdown in price is largely driven by changes in the macro economy. If you’ve done that, considered the risks, and feel like you’re ready to invest in some crypto, experts generally recommend keeping any crypto investments below 5% of your portfolio and only investing what you’re ultimately comfortable with losing. Reaction: “Bitcoin bears certainly are in ruckus mode, berating the largest crypto the way a schoolyard bully seeks out for tormenting the same easy mark. For the moment, extreme market conditions and fed policy updates are exacerbating the consequences for crypto assets.” The crypto market has been increasingly tracking the stock market, which has been trading in the red recently. Reaction: “I’ve heard a lot of people claim that bitcoin is somehow a unique weapon to protect yourself from inflation. “Economists expected the CPI to rise 8.3% year over year, but the headline inflation level actually came in at 8.6%. Wall Street was groping for a sign that inflation may have peaked. Bitcoin has slid for nearly 12 straight weeks, falling from nearly $49,000 in March to under $23,000. “Crypto hobbles into the week somewhat beholden to the whims of the stock markets, clearly on pins and needles over May inflation numbers — the U.S. Consumer Price Index (CPI) report dropped on Friday,” says Rich Blake, a financial consultant at Uphold, a crypto exchange. Ethereum has followed a similar pattern, going from $3,500 in March to under $1,200. Bitcoin fell below $23,000 and ethereum dropped under $1,200.

As Bitcoin's price plummets, so could its associated energy use and greenhouse gas emissions. It all depends on how electricity costs compare to the ...

So de Vries thinks that the potential energy savings — and the resulting reduction in emissions — could be even larger when taking the plunging prices of other energy-hungry cryptocurrencies into account. Bitcoin is the biggest player in cryptocurrency, so its swinging prices matter most for the environment. A sustained price at around $24K could shrink the Bitcoin network’s global energy use to around 170 TWh annually, according to de Vries. That might sound like an incremental change, but it would add up to a significant drop in electricity use and related greenhouse gas emissions. It’s also why Bitcoin has a lot of people concerned about the greenhouse gas emissions the cryptocurrency generates. It’s still too soon, though, to make concrete predictions on whether Bitcoin’s price plummet will ultimately be beneficial for the environment. Bitcoin’s value has nosedived enough to curb the cryptocurrency’s enormous energy use — and associated greenhouse gas emissions — but only if prices stay low.

Bitcoin's selloff, sparked by a reversal of the buying mania that drove it higher, has now become the third-deepest in the cryptocurrency's 13-year history. On Monday, bitcoin fell to as low as $22,611, according to CoinDesk. That is down more than 20% ...

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Bitcoin plunged to the lowest in about 18 months after the freezing of withdrawals by the Celsius lending platform added to concern that systemic risk in ...

The collapse of the Terra/Luna ecosystem last month, and lender Celsius pausing withdrawals Monday morning Asia time, have further eroded confidence in the space. The MVIS CryptoCompare Digital Assets 100 Index, which measures 100 of the top tokens, dropped as much as 15%. And the total market value, which topped $3 trillion in November, was $1.02 trillion as of 9:48 a.m. New York time on Monday, according to CoinGecko. Bitcoin plunged to the lowest in about 18 months after the freezing of withdrawals by the Celsius lending platform added to concern that systemic risk in the crypto ecosystem will accelerate the digital-asset market meltdown.

The deepening rout in cryptocurrencies pushed the price of bitcoin down by almost a fifth to its lowest level since 2020, as part of a broader market ...

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Bitcoin prices have recorded sharp losses recently, pushing the digital currency to its lowest in more than a year. Several analysts weigh in on what ...

All of which is shaking investor confidence, including in digital assets,” he stated. “There are a number of troubling factors at play here, ranging from record inflation and fears of recession to the war in Ukraine to the most recent situation with Celsius as well as Binance,” he stated. Olszewicz also spoke to the latest developments surrounding crypto lender Celsius, which recently announced that it was “pausing all withdrawals, Swap, and transfers between accounts” in an effort to “stabilize liquidity and operations.”

The deepening rout in cryptocurrencies pushed the price of bitcoin down by almost a fifth to its lowest level since 2020, as part of a broader market ...

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The world's biggest cryptocurrency fell below $26000 amid a broader selloff fanned by concerns about rising U.S. interest rates.

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It's been brutal, but if you're looking into the future and believe crypto has a place, this is where bargains are made: Sean Sanders – CEO, Revix.

I have said this on the show before: I actually don’t know and I don’t pretend to be able to guess what’s going to happen in the crypto market over the next few months. SEAN SANDERS: Well, I think if you look at the fear-and-greed index, which is used in all asset classes but really used within crypto given that sentiment is such a big driver of the market, you’re sitting at the lowest levels that you can possibly get. If you’re looking out way into the future and you believe that crypto actually has a place in your portfolio and a place in society, this is where bargains are made. If you saw the number of liquidations that happened within the crypto space just earlier today, they hit a new record as well. There’s a lot of other crypto lenders out there. But this is sort of the opportunity. You can either choose to sell out now, which is what a lot of people are doing. Tell us what’s behind the latest – is it a crash, or is that overstated in the crypto market right now given the fact that, yes, we are seeing big losses across stock markets, but not to the quantum that Bitcoin and other cryptos are registering. It’s probably the second-largest lending platform within the crypto space, and they’ve halted all of their withdrawals. So it has been a brutal, brutal period. SEAN SANDERS: Well, over the weekend you had news develop about Celsius. Celsius is essentially one of the top 10 crypto platforms globally. I suppose that even extends the losses that were wiped out from the crypto market to beyond $200 billion.

Most cryptocurrency traders bought in the past year, surveys show. Bitcoin is now trading at its lowest level in 18 months.

The sell-off has triggered fears in the crypto industry during the day, leading major cryptocurrency exchanges like Binance to halt their Bitcoin withdrawals ...

FAQ Can Bitcoin be Considered a Real Currency? Bitcoin is referred to by many as a form of digital currency and/or the main alternative to fiat money which is controlled by central entities such as banks. Is Bitcoin a Scam? Bitcoin is intangible but its value is certainly real and its presence in the financial world is robust and longstanding. If the new coin is set to share the previous coin’s transaction history up to the split point, the process is considered to be a “hard fork”. Bitcoin Cash (launched in August 2017), Bitcoin Gold (launched in October 2017), and Bitcoin Satoshi’s Vision (launched in November 2018) were all a result of a hard fork in Bitcoin’s network. These led to significant splits in the community which surrounds crypto and the asset, some of which led to the point in which a “fork” had to be performed on the network. When trading Bitcoin its name is often abbreviated as BTC. What is a Blockchain Bitcoin’s system can be described as a group of computers (often called miners or nodes) which stores the Bitcoin blockchain and runs the Bitcoin code. FAQ Can Bitcoin be Considered a Real Currency? Bitcoin is referred to by many as a form of digital currency and/or the main alternative to fiat money which is controlled by central entities such as banks. What Are the Issues with Bitcoin? Volatility is still and issue with Bitcoin as is the lack of true anonymity. Is Bitcoin a Scam? Bitcoin is intangible but its value is certainly real and its presence in the financial world is robust and longstanding. If the new coin is set to share the previous coin’s transaction history up to the split point, the process is considered to be a “hard fork”. Bitcoin Cash (launched in August 2017), Bitcoin Gold (launched in October 2017), and Bitcoin Satoshi’s Vision (launched in November 2018) were all a result of a hard fork in Bitcoin’s network. These led to significant splits in the community which surrounds crypto and the asset, some of which led to the point in which a “fork” had to be performed on the network. When trading Bitcoin its name is often abbreviated as BTC. What is a Blockchain Bitcoin’s system can be described as a group of computers (often called miners or nodes) which stores the Bitcoin blockchain and runs the Bitcoin code. What Are the Issues with Bitcoin? Volatility is still and issue with Bitcoin as is the lack of true anonymity.

Bitcoin prices have suffered some serious losses lately, dropping to their lowest level in roughly 18 months as risk assets face difficult market conditions ...

“These rising yields on less risky assets means investors don’t take as much risk to get a decent return, resulting in fewer buyers of risk assets. Two consecutive candles have never closed below this line,” Melker specified. “Now is not a time to make guesses, but rather to batten the hatches and ride the storm.” “The next obvious support is around $20,000, the top of the 2017 bull run,” he noted. “There is a bit of support to be found in the 16.5-19.5 area but major support is only coming in around 12-13-k” “Bitcoin has suffered over the last 48 hours of trading post the huge inflation number in the USA,” he stated.

Bitcoin tumbled below $24000 on Monday, hitting its lowest level since December 2020, as investors dump crypto amid a broader sell-off in risk assets.

Celsius, which claims to have 1.7 million customers, advertises to its users that they can get a yield of 18% through the platform. Users then get yield as a result of the revenue Celsius earns. “Since Nov 2021, sentiment has changed drastically given the Fed rate hikes and inflation management. The cryptocurrency market capitalization fell below $1 trillion on Monday for the first time since February 2021, according to data from CoinMarketCap. Ayyar noted that in previous bear markets, bitcoin had dropped around 80% from its last record high. Bitcoin and other cryptocurrencies have tended to correlate with stocks and other risk assets.

Crypto assets were hammered on Monday as trading platforms such as Celsius and Binance stopped withdrawals, and some companies cut jobs.

Policymakers at the U.S. Federal Reserve are now contemplating the idea of a 75-basis-point rate increase later this week, according to CNBC's Steve Liesman. That's bigger than the 50-basis-point hike many traders had come to expect. Around $200 billion has been wiped off the market in recent days. "What you're seeing in the market is … fear, uncertainty and doubt.

MicroStrategy is leading Marathon, Riot and Coinbase in a cryptocurrency-exposed stock selloff as the firm's Bitcoin holdings dropped by around US$1 ...

- In May, MicroStrategy CFO Phong Le said that if Bitcoin fell to around $21,000, there was thepotential for a margin callon outstanding loans, while Saylor said the company could still post collateral if Bitcoin drops below US$3,562. - The software firm may need to pledge additional collateral on a$205 million loanit took out this March in the case of an even deeper drop in Bitcoin prices. - The recent cryptocurrency boom helped MicroStrategy recover from dot-com bubble losses of the early 2000s, but the company faces a new threat as Bitcoin is trading down more than 50% in the past six months,according to CoinGecko data.

Bitcoin extended declines on Tuesday as investor sentiment took another leg down over fears that bigger Federal Reserve interest-rate hikes loom to quell ...

More than $1.1 billion was liquidated in the crypto markets on Monday — about $685 million of longs and $468 million on the short side, according to Coinglass data. It then pared some of the drop to trade at $21 899 as of 11:20 a.m. in Singapore. A range of other tokens from Ether to Avalanche were also nursing losses. Strategists were looking for signs of a crypto bottom.

The world's largest digital token more than halved a $2,386 intraday drop to trade at $22,690 as of 2:19 p.m. in Tokyo. Coins such as Ether and Avalanche also ...

More than $1.1 billion was liquidated in the crypto markets on Monday — about $685 million of longs and $468 million on the short side, according to Coinglass data. Some strategists are looking for signs of a crypto bottom. Traders are also monitoring MicroStrategy Inc., whose big bet on Bitcoin is backfiring.

The crypto exchange said the problem had to do with stuck transactions and the fix would prevent the issue from recurring.

A $4 billion bet on bitcoin by software firm MicroStrategy is in jeopardy after the cryptocurrency's recent plunge.

In June, Saylor insisted the company has more than enough bitcoin to cover its collateral requirements. "Bitcoin needs to cut in half or around $21,000 before we'd have a margin call," Le said at the time. The company took out a $205 million loan from Silvergate, a crypto-focused bank, to continue its bitcoin buying spree. MicroStrategy has bet billions on the cryptocurrency — $3.97 billion, to be exact. Bitcoin's price plunged 10% to $20,843 on Tuesday, extending a brutal sell-off and dragging it deeper into levels not seen since December 2020. The fiasco shaved over $11 billion off MicroStrategy's stock market value in a single day.

Bitcoin neared a price level on Tuesday that could force software firm MicroStrategy Inc to stake more tokens against a bitcoin-backed loan or trigger ...

The company did not immediately respond to an emailed request for comment outside business hours. Register now for FREE unlimited access to Reuters.com Register now for FREE unlimited access to Reuters.com