[New York Movers] Strategy Plunges as Bitcoin Crashes Below 70,000 Dollars

The share price of Strategy Inc., the world's largest corporate holder of Bitcoin, has plunged. Analysts say the drop was driven in part by Bitcoin falling below the psychologically important support level of 70,000 dollars.

On the 5th (local time), Strategy Inc. closed at 106.99 dollars, down 17.12% from the previous trading day. The decline has continued in after-hours trading.

Strategy Inc. is considered the company that holds the most Bitcoin in the world, with holdings reaching approximately 710,000 Bitcoins.

Bitcoin has been falling continuously in recent days. After hitting an all-time high of 120,000 dollars in October last year, Bitcoin has undergone repeated corrections and, as of today, has slipped to the 60,000 dollar level. The decline is close to 50% from the peak.

The market is also concerned about the possibility of expanding valuation losses at Strategy Inc. According to CoinDesk on the 1st of this month, the average purchase price of Strategy Inc.'s Bitcoin holdings is 76,037 dollars, which is about 20% higher than the current price.