The price of Bitcoin rapidly fell to nearly $58,000 after Strategy's STRC preferred shares notched a new low and MSTR fell alongside.

Benchmark said STRC's drop below $83 was a leverage flush, not a "depeg," and reiterated its $570 target on Strategy.

Bitcoin fell to a two-week low price Wednesday as Strategy shares dove below the $100 mark for the first time since March 2024.