Bitcoin slides on 'weak' sentiment, Strategy, Coinbase among crypto stocks hit

Market Overview - Bitcoin (BTC-USD) experienced a decline of over 8%, dropping from approximately $91,000 to $84,000, raising concerns about a potential year-end rally despite expectations of a Federal Reserve interest rate cut [1] - The last significant market unwind occurred in August 2024, where Bitcoin fell from over $66,000 to around $54,000, marking an 18% decrease [2] - Bitcoin exchange-traded funds (ETFs) faced their second-worst month in November, with outflows totaling $3.5 billion, and Bitcoin is down more than 30% from its October all-time high of over $126,000 [2] Company Performance - Coinbase (COIN) has seen a decline of roughly 20% over the past 30 days, while Circle (CRCL) and Robinhood (HOOD) have dropped 38% and 16%, respectively [4] - Strategy (MSTR), a significant player in Bitcoin holdings, has declined approximately 40% in the same timeframe, with concerns that lower token prices may force the company to sell Bitcoin to cover dividend and interest payments on debt [4] Strategic Developments - Strategy announced the establishment of a US dollar reserve of $1.44 billion to support dividend payments on preferred stock and interest on outstanding debt [5] - The company added 130 tokens to its Bitcoin holdings last week, increasing its total to 650,000 tokens [5]