Crypto Carnage: Bitcoin Crashes Below $117K, Ethereum Nosedives to $4.4K—Treasury Firms Reeling
Crypto markets bleed out as Bitcoin and Ethereum take a brutal hit—just another Tuesday in decentralized finance.
Bitcoin plunges below $117K, dragging institutional players into the red. Ethereum isn’t faring better, collapsing to $4.4K. Treasury firms? They’re sweating harder than a trader staring at a 10x leveraged position.
Volatility isn’t a bug—it’s a feature. And today, it’s wreaking havoc. The usual suspects—macro fears, regulatory whispers, or just whales cashing out? Take your pick.
Meanwhile, traditional finance bros sip their lattes, muttering 'told you so.' But let’s be real—they’re just salty they missed the last bull run.
Breaking from the trend, KULR Technology (KULR) gained over 5% after reporting second quarter revenue growth of 63% year-over-year, the highest in its history, driven by its bitcoin-first balance sheet strategy.
Firms with ETH-heavy portfolios suffered steeper losses.
Bitmine Immersion Technologies and SharpLink Gaming, the two most prominent ethereum strategy firms, declined 7% and 14%, respectively, in the early hours of the session.
Solana-focused companies weren't spared either. Upexi (UPXI) plunged over 9%, while DeFi Development (DFDV) was 5% lower.
BTC, ETH, SOL rally cools
The MOVE coincided with bitcoin (BTC) sliding below $117,000, extending its reversal from Thursday's short-lived spike to $124,000, a new all-time high. Ether (ETH) tumbled back after challenging its record high above $4,800, now barely holding the $4,400 level.
DATs pursue a strategy to raise funds by selling equity and debt to accumulate cryptocurrencies, a playbook pioneered by Michael Saylor's Strategy. They are seen as a high-beta play on crypto prices, rising more when the underlying asset rallies, but suffering bigger drawdowns when the market cools.
Most crypto-related stocks also traded lower during the session. Bitcoin miner Riot Platform and digital asset conglomerate Galaxy (GLXY) were lower by roughly 8%. Coinbase (COIN) was modestly down 1.6%, while Circle (CRCL) gained 3.5% following the successful completion of a secondary share offering.
