Bitcoin Plunges Below $87K as Crypto Weakness Worsens
Bitcoin dropped below $87,000 during U.S. trading hours, continuing a trend of poor performance correlated with American stock market activity.Summary
Bitcoin experienced a significant drop to $86,800 during mid-morning U.S. trade on Monday, continuing a clear pattern where major cryptocurrencies underperform while American stocks are trading. This weakness was highlighted by data showing that owning the iShares Bitcoin ETF intraday since its launch resulted in a 40.5% loss, contrasting sharply with a 222% gain from holding it only after hours. Crypto stocks also suffered, with MicroStrategy and Circle down about 7%, Coinbase falling over 5%, and crypto miners like CleanSpark and Cipher Mining logging declines exceeding 10%. Looking ahead, markets are awaiting employment reports from the Bureau of Labor Statistics to gauge the Federal Reserve's interest rate decisions, while the Bank of Japan is expected to hike its benchmark rate.
(Source：CoinDesk)