Bitcoin Plunges Below $62K as Corporate Selling Weighs on Sentiment

Bitcoin's price has fallen to around $62,400 after a combination of factors weighed on sentiment across the crypto market. The decline extended losses following options-expiry volatility and long liquidations, as well as renewed concerns over corporate Bitcoin selling.

Investors also digested reports that Strategy could potentially sell between $3 billion and $4 billion worth of Bitcoin to support its STRC preferred stock, which recently traded below its $100 par value. Additionally, CoinGlass data showed nearly $136 million worth of Bitcoin positions were liquidated over the past 24 hours, with about $122 million coming from long positions.

The market continued to assess the implications of Federal Reserve Chair Kevin Warsh's first policy meeting, where policymakers reinforced expectations that interest rates could remain elevated for longer. The stronger U.S. dollar that followed added pressure to risk assets, including cryptocurrencies.