Strive just leapfrogged MARA in the corporate bitcoin rankings, snapping up another 2,822 BTC for $235 million, barely a day after revealing a $280 million purchase. The back-to-back buying spree pushed its holdings to 35,595 BTC, worth nearly $3 billion.
Bitcoin fell below $83,000 on Wednesday as hotter-than-expected US core inflation data revived expectations of further Federal Reserve interest rate hikes, triggering a fresh wave of liquidations across the cryptocurrency market. CoinGlass data showed that over $100 million in leveraged positions were liquidated in the hour after the inflation report was released.
September CPI hit 3.7%, above forecasts, sending Treasury yields higher and dragging crypto down with stocks.
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September CPI rose 3.7% year over year, above the 3.6% forecast, and core inflation beat on both measures. Bitcoin fell within minutes of the release.
Bitcoin was below the $82,000 threshold on Oct. 14, with its price down 1.4% over 24 hours.
Bitcoin fell below $82,000 while bond yields targeted new 24-year highs on the back of hot US CPI inflation.
Strive's increased Bitcoin holdings highlight the growing trend of corporate investment in cryptocurrencies, impacting market dynamics and competition. Strive stacks 2,822 more Bitcoin, edging past MARA in treasury rankings.
September CPI rose 3.7% year over year, above the 3.6% forecast, while core inflation also exceeded expectations and Bitcoin fell about $1,000. The hotter inflation print pushed Treasury yields higher and revived concern the Federal Reserve could raise rates in October instead of waiting until December.
Bitcoin price risks falling toward $78,200 as hot US CPI data fuels Fed rate hike bets. A bearish flag pattern signals further BTC downside.
Bitcoin's (BTC) network hashrate appears to be stabilizing after a sharp decline that forced miners to scale back operations amid falling profitability, soaring electricity costs, and growing competition from artificial intelligence (AI) infrastructure.
Bitcoin was down about 1%. Bitwise Chief Investment Officer Matt Hougan said he had expected crypto prices to fall 3% to 5%.