Bitcoin falls below $83,000 as dollar strength keeps markets on edge
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Bitcoin falls below $83,000 as dollar strength keeps markets on edge
Bitcoin and gold hold steady as a firm dollar and rising bond yields weigh on sentiment, while IREN secures a multiyear cloud services deal with Anthropic.
Micron Technology breaks below $1,000
Micron Technology (MU) shares are down 4%, dropping below $1,000 for the first time since mid-September, as pressure spread beyond crypto to AI-related stocks. SanDisk (SNDK), which makes flash memory and storage products also declined 6%.
Bitcoin miners that have expanded into AI infrastructure also continued to surrender gains from earlier this year, with Cipher Digital CIFR$13.09, Bitdeer (BTDR) and HIVE Digital Technologies HIVE$2.4150 each down around 3%.
Bitmine bought another $32 million in ETH
Bitmine buys another $32 million in ETH, now just weeks away from ending its buying spree
Bitmine BMNR$24.02 bought another 12,532 ether ETH$2,526.89 over the past week, worth roughly $32 million at Monday’s price of $2,536, bringing the company another step closer to ending its year-long buying spree.
That was the firm’s smallest weekly purchase since mid-August, as chairman Tom Lee last week said the company will stop buying ETH after reaching its goal to hold 5% of ether’s supply.
The latest purchase lifted Bitmine’s holdings to 6,028,946 ETH, worth about $15.3 billion at current prices and representing roughly 4.9% of the cryptocurrency’s total supply.
Strategy (MSTR) acquires 250 bitcoin for $21.5 million last week
Strategy MSTR$154.20 acquired 250 bitcoin for $21.5 million last week, while spending $192.4 million repurchasing its variable-rate preferred stock, STRC.
The bitcoin purchases, made between Oct. 5 and Oct. 11 at an average price of $86,194 per coin, brought its total holdings to 848,250 BTC. Strategy has spent approximately $64 billion at an average cost of $75,444 per bitcoin.
The company funded the purchases with $21 million in net proceeds from selling 125,183 MSTR shares through its at-the-market (ATM) offering program, alongside $500,000 from its cash balance.
Strategy also repurchased approximately 1.93 million STRC shares, leaving $354.8 million available under its preferred stock repurchase program.
MSTR shares are up 1% pre-market
Markets start the week cautiously as U.S. dollar and bond yields stay firm
Markets are making a cautious start to the week, with bitcoin trading just above $83,000 and gold around $4,180 an ounce, both down roughly -0.5%. Tech futures are slightly lower, while WTI crude is edging higher above $92 a barrel. Bond yields are also ticking up as bond prices fall, following a brief recovery in the second half of last week that saw TLT, the long-dated U.S. Treasury ETF, gain more than 2%. The dollar remains firm, with the DXY index above 102.4.
Wednesday’s U.S. inflation report is the week’s key macroeconomic event. Annual core inflation is expected to come in at 2.5%, while headline inflation is forecast at 3.7%, which would mark a reacceleration from the previous month.
IREN IREN$35.36, which has repurposed from bitcoin mining into AI infrastructure, has secured a multiyear cloud services agreement with artificial intelligence firm Anthropic, according to The Information. IREN shares are up 4% pre-market.
