Bitcoin Bulls Grope Around for the Floor

From thedailyupside.com

Bitcoin’s still sinking in quicksand, and it’s unclear when investors will feel like throwing it a rope. The top token by market cap plummeted below $60,000 this month for the first time since 2024, and this week, it’s worth less than half the record it set last October. Michael Saylor spooked investors in early June by announcing that his company, Strategy, had sold off 32 bitcoin for about $2.5 million. The digital pile is tiny compared with Strategy’s total holdings, but the sale was the company’s first time parting with even a grain of sand off the top of its massive bitcoin hoard since late 2022’s ... (full story)