Bitcoin fell below $63,000 on Friday as analysts flagged a sell-off across semiconductor stocks, pulling crypto into a wider risk-off move.
The decline extends a slide that has left bitcoin (BTC) well below the highs that drew late-cycle buyers earlier this year. Bitcoin fell by more than 1.5% and failed to hold above $63,000, according to Simon-Peter Massabni, head of business development at XS.com. The pullback tracked weakness in equities. The Nasdaq 100 closed about 1.6% lower in the prior session, Massabni wrote, with the spillover reaching Strategy's shares as MSTR fell 3.5%, and STRC fell 2.7%.
Strategy's preferred stock is also drawing particular attention. STRC, the company's largest preferred series by capital raised, closed at $85.4 against a $100 par value, a discount Massabni reads as investor caution about the funding model. Strategy has continued raising capital through common stock issuance and its other preferred series this year.
The company holds roughly 4% of bitcoin's maximum supply, and its balance sheet health remains load-bearing for the coin, according to Massabni. JPMorgan called Strategy's decision to boost cash reserves an encouraging sign for bitcoin. Meanwhile, Strategy CEO Phong Le said the company is not going anywhere as a bitcoin buyer and sees debt concerns arising only below $10,000.
