Bitcoin Falls to $68,000 as Market Sentiment Weakens
The cryptocurrency market is exhibiting significant weakness today as major assets track a broader retreat in tech stocks and gold, with bitcoin correlation to the Nasdaq turning positive. Despite the drawdown, institutional adoption continues to accelerate, with major mining operations reporting record revenues and traditional banking giants disclosing significant digital asset holdings. Stay up on the crypto news that matters with "Crypto Currents," daily from The Fly. Join us at 2 PM ET for your essential briefing on the fast-moving world of cryptocurrency on FlyCast radio.TECH SELLOFF AND MACRO TENSIONS WEIGH ON MARKET SENTIMENT:The cryptocurrency market continued its downward trend on Tuesday, largely mirroring a risk-off move in U.S. equities and a correction in precious metals., bitcoinfell to $68,000 as its correlation with the Nasdaq swung from negative 0.68 to positive 0.72 over the past two weeks.that rising geopolitical tensions and uncertainty surrounding Federal Reserve rate cuts have stifled risk appetite, with investors closely watching a U.S. Supreme Court ruling on tariffs due Friday. While panic has ebbed from early-month highs, institutional demand remains muted, evidenced by.CORPORATE TREASURIES AGGRESSIVELY EXPAND DESPITE DEPRESSED SENTIMENT:Corporate entities are significantly increasing their digital asset exposure even as Chairman Tom Lee compares current market dejection to the 2018 and 2022 lows. Strategydisclosedthat it purchased 2,486 bitcoin last week for $168.4M, bringing its total stack to 717,131 tokens. Simultaneously, BitMine Immersion Technologiesexecuted its largest weekly etherpurchase of the year,. Hyperscale Dataalso, representing roughly 136% of its market capitalization. Meanwhile, Steak n Shakethat same-store sales have risen 15% since launching its "burger-to-bitcoin" strategy, with its strategic reserve now holding roughly 161 bitcoin.GEMINI SPACE STATION UNDERGOES LEADERSHIP SHAKEUPS AFTER IPO:, Gemini Space Stationrevealed a sweeping leadership shakeup, with its COO Marshall Beard, CFO Dan Chen, and chief legal officer Tyler Meade all departing effective immediately. The exits follow a major pullback for the exchange, which recently cut 25% of its workforce and began winding down operations in the UK and European Union.since its September IPO, hitting an intraday low of $6.47 last week as it grapples with the broader market contraction.MINING OPERATIONS AND BANKING DISCLOSURES HIGHLIGHT ADOPTION:HIVE Digital Technologiesof $93.1M, a 219% year-over-year increase driven by its dual-engine growth in hashrate and high-performance computing. Despite a GAAP net loss of $91.3M due to accelerated depreciation of its mining fleet, the company is scaling its AI strategy with new NvidiaGPU deployments. In traditional finance, Italian banking giant Intesa Sanpaolo, while also holding a put option position on Strategy to hedge against asset premiums.PRICE ACTION:As of time of writing, bitcoin was trading at $67,667.29, and ether was trading at $1,987.62,.
