Bitcoin, Ethereum, Solana Fall as Crypto Crisis Deepens. Why Strategy Is Buying. — Barrons.com
By George GloverThe price of Bitcoin was sliding yet again Monday, as investors bought the dip in stocks but steered clear of cryptocurrencies following a dismal run.The world's largest token was down 0.7% to $94,900 over the past 24 hours, according to data from CoinDesk. It's now trading 32% off the record high in early October.Ethereum slid 0.8%, Solana fell 1.3%, and XRP was down 0.2% over the past 24 hours, per the Kraken crypto exchange.The selloff came even though tech stocks, which often trade in tandem with digital assets, looked poised to rally. Futures tracking the tech-heavy Nasdaq 100 were 0.6% higher on Monday, suggesting investors see a recent drawdown as a buying opportunity.Bitcoin and its peers weren't benefiting from the same trend, which probably signals the market is still relatively cautious ahead of a slew of economic data that had been delayed by the government shutdown.The world's largest corporate Bitcoin holder bucked the trend by buying the dip, though. Strategy said on Monday that it purchased 8,178 Bitcoin last week, for $836 million, bringing its total holding to just under 650,000 Bitcoin. It's the largest number of tokens Strategy has bought since late July.Write to George Glover at [email protected] content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.