Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomeCryptocurrencyNewsBitcoin slides below US$60,000 as strategy selloff refuels anxietyThe cryptocurrency has now wiped out more than half of its value from last year’s peak of over US$126,000Author of the article: You can save this article by registering for free here. Or sign-in if you have an account.Investors have been bailing out of all manner of crypto-related investments and have been pulling money out of bitcoin-focused exchange-traded funds. Photo by SEBASTIEN BOZON/AFP via Getty ImagesBitcoin tumbled more than three per cent toward US$58,000 on Tuesday as investors reversed an initial vote of confidence in Michael Saylor’s financing overhaul at Strategy Inc., raising fresh concerns that one of the cryptocurrency’s biggest buyers may no longer be a consistent source of demand.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorStrategy shares fell nearly 10 per cent at one point, erasing most of Monday’s gains after the company unveiled a broad overhaul of the capital structure behind its bitcoin strategy. While investors initially welcomed the prospect of stock buybacks and a larger cash reserve, the focus quickly shifted to its newfound flexibility to sell bitcoin and prioritize balance-sheet management over relentless accumulation.Rather than settling the debate over Strategy’s financing model, the announcement appears to have opened a new one. For years, investors could largely assume that if the company raised capital, it would buy more bitcoin. Going forward, management has made clear that buying the token will compete with other uses of capital, including preserving liquidity, repurchasing discounted securities and strengthening the balance sheet.Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try againThe renewed weakness also comes as bitcoin’s technical picture deteriorates. The coin has failed to reclaim key resistance levels after breaking below a closely watched chart pattern earlier this year and is now threatening fresh lows for 2026, increasing the risk that systematic and momentum-driven investors continue selling.“The technical aspect of Bitcoin has been very negative recently,” said Matt Maley, chief market strategist at Miller Tabak + Co. “It broke below the neckline of a head-and-shoulders pattern in the first quarter at around US$80,000 and then failed to break back above it in the spring. Now, it’s breaking slightly below its lows for the year. So, if it makes another lower low, it’s going to be extremely negative on a technical basis.”Bitcoin has now wiped out more than half of its value from last year’s peak of over US$126,000.“When you combine this with the announcement that Strategy Inc. is selling more bitcoin, confidence in the asset class is fading badly,” Maley said.Investors have been bailing out of all manner of crypto-related investments and have been pulling money out of bitcoin-focused exchange-traded funds. Spot bitcoin funds have seen year-to-date outflows of more than US$5.1 billion, according to data compiled by Bloomberg, marking a turn from a period of strong inflows following their launches in early 2024. BlackRock’s IBIT has seen more than US$3 billion come out so far in June, putting it on pace for its biggest month of outflows on record.That’s been an topic of concern for those watching the market and hoping for a turnaround. Retail investors had been behind many of those earlier inflows and their participation has long been a hallmark of the crypto market. Now, there are signs the buy-the-dip investor class is staying on the sidelines in case there are further declines.Stephane Ouellette, chief executive of FRNT Financial, says the volatility has been exacerbated by month-end rebalancing and options expiry — and could be further aggravated if volumes drop off later this week. “We believe that the true near-term path of BTC is likely to make itself more clear post-rebalancings and likely after the many global business holidays,” he said.—With assistance from Isabelle Lee. Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.