Circle, Bitcoin Treasuries Lead Crypto Stock Losses Amid Bitcoin Headwinds

Market Overview - Digital asset-focused stocks experienced significant declines as Bitcoin and other major cryptocurrencies continued their downward trend, despite tech stocks stabilizing [1] - Circle, a stablecoin issuer, closed at $69.72, down nearly 9%, marking its lowest level since its debut on the New York Stock Exchange [1] Company Performance - Strategy, the world's largest crypto treasury, saw a nearly 10% drop, while Bitmine Immersion, focused on Ethereum, fell 9.6% [2] - Ethereum-tracking Sharplink Gaming decreased by more than 6% [2] - Bitcoin miners such as MARA Holdings, Riot Platforms, and CleanSpark experienced declines between 4% and 6.5%, with their share prices plummeting over 40% in the past month [5] Cryptocurrency Prices - Bitcoin was trading at approximately $92,000, down 2.7% in the last 24 hours, and fell below $88,600 during trading hours for the first time since late April [3] - Ethereum was down 2%, while XRP and Solana dropped 4% and 2%, respectively, despite the success of exchange-traded funds based on these tokens [4] Market Sentiment - Confidence in crypto markets has diminished, with a prediction market indicating nearly 70% of respondents expect Bitcoin to fall to $85,000 [6] - CEO of Zondacrypto expressed concerns about Bitcoin's potential for further decline amid economic uncertainty and diminishing hopes for interest-rate cuts from the Federal Reserve [7]