Bitcoin abruptly crashes to $65,000 for the first time since February

Crypto-linked stocks traded mostly lower as Bitcoin fell to $67,000, with the selloff hitting exchanges, miners, treasury companies, and payment names across the board.

Strategy (MSTR) took one of the hardest hits in the group. The stock fell 9.15% to $136.08, with $4.5 billion in 24-hour volume and a market cap of $43 billion. That move came as traders reacted to the company’s small but symbolically heavy Bitcoin sale.

Coinbase (COIN) also dropped, falling 4.72% to $173.99. The stock posted $1.5 billion in daily volume, with its market value at $44.7 billion. Robinhood (HOOD) lost 2.83% to trade at $88.16, with $2.4 billion in volume and a $68.2 billion market cap.

MercadoLibre (MELI) fell 3.36% to $1,672.83, with $856.4 million in volume and an $86.9 billion valuation. PayPal (PYPL) slipped 1.46% to $44.53, while Block (XYZ) dropped 2.56% to $74.15. PayPal traded $498.6 million in volume and carried a $41.2 billion market cap, while Block saw $372.8 million in volume and stood at $32.2 billion.

Stablecoin issuer Circle (CRCL) fell 3.92% to $100.85, with $1.5 billion in daily volume and a $22.2 billion market cap. Galaxy Digital (GLXY) dropped 5.68% to $29.06, on $152.2 million in volume and an $8.6 billion valuation. Bullish (BLSH) declined 4.92% to $30.54, with $62.3 million in volume and a $4.6 billion market cap.

Several Bitcoin treasury and mining names were also under pressure. Metaplanet (MTPLF) fell 9.6% to $1.60, with $948,300 in volume and a $2.4 billion market cap. American Bitcoin (ABTC) dropped 7.81% to $1.00, with $18.9 million in volume and a $1.4 billion valuation. CleanSpark (CLSK) lost 6.54% to $17.58, on $486.6 million in volume and a $3.4 billion market cap.

Bit Digital (BTBT) fell 6.16% to $1.98, with $49 million in volume and a $576.1 million market cap. HIVE Digital (HIVE) dropped 4.62% to $4.54, with $237.3 million in volume and a $568.2 million valuation. Canaan (CAN) slipped 3.33% to $0.39, on $2.9 million in volume and a $283.1 million market cap.

Riot Platforms (RIOT) fell 3.29% to $27.32, with $503.4 million in volume and a $6.5 billion market cap. MARA Holdings (MARA) dropped 3.84% to $14.28, with $537.1 million in volume and a $4 billion valuation. Bitfarms (BITF) moved slightly higher, rising 0.66% to $6.14, with $279.4 million in volume and a $1.2 billion market cap.

A few mining and infrastructure names managed to stay green. Cipher Digital (CIFR) jumped 9.5% to $26.29, with $688.2 million in volume and a $6 billion market cap. TeraWulf (WULF) rose 3.23% to $26.49, with $626.1 million in volume and a $6.6 billion valuation. IREN (IREN) gained 1.94% to $66.60, with $3.3 billion in volume and a $17.6 billion market cap.

Hut 8 (HUT) added 0.48% to $133.02, with $481.3 million in volume and a $5.9 billion market cap. Core Scientific (CORZ) climbed 1.75% to $29.05, with $564 million in volume and a $5.2 billion valuation. Bitdeer (BTDR) rose 1.35% to $18.76, with $200.6 million in volume and a $2.9 billion market cap.

The smaller names were mixed. Kulr Technology (KULR) posted the strongest gain on the screen, climbing 13.7% to $5.23, with $24.9 million in volume and a $213.2 million market cap. Exodus Movement (EXOD) rose 6.28% to $7.11, with $343,700 in volume and a $309.2 million valuation. Prenetics (PRE) gained 2.84% to $20.97, while Genius Group (GNS) rose 1.98% to $0.26.

Losses were heavier across several low-cap crypto names. Fold Holdings (FLD) dropped 8.42% to $0.87, Nano Labs (NA) fell 7.06% to $2.50, and Argo Blockchain (ARBK) lost 6.42% to $3.50. Meliuz (CASH3) also fell 6.42% to $4.08, while SharpLink (SBET) dropped 6.14% to $5.81.

Rumble (RUM) declined 6.27% to $8.97, with $20.2 million in volume and a $1.7 billion market cap. Intchains Group (ICG) fell 5.99% to $0.94, while Sol Strategies (STKE) dropped 5% to $1.33. Gemini Space Station (GEMI) lost 4.07% to $4.95, with $8.7 million in volume and a $627.1 million valuation.

Figure Technology Solutions (FIGR) fell 3.95% to $32.09, GameStop (GME) slipped 2.06% to $20.92, and Alliance Resource Partners (ARLP) rose 0.75% to $25.50. Net Holding (NTHOL) gained 2.13% to $39.36, while Nexon (NEXOY) rose 0.84% to $14.47.

Bitcoin dropped to $67,000 on Tuesday for the first time since February after Strategy disclosed its first Bitcoin sale in three and a half years.

The company sold 32 Bitcoin between May 26 and May 31 at an average price of $77,135 each, bringing in about $2.5 million in total proceeds.

The company said the cash will be used for distributions on STRC, its perpetual preferred stock with an 11.5% annual variable dividend.

The 32 BTC is literally only 0.004% of Strategy’s total stash of 843,706 Bitcoin, which the company bought at an average price of $75,699 per coin.

The market was already dealing with a record run of ETF outflows and wallet activity tied to the long-dormant Mt. Gox estate.

Outside crypto, U.S. stocks moved in the opposite direction. The S&P 500 wiped out earlier losses and jumped to its highest level ever, with its total value now around $69 trillion. The Dow Jones Industrial Average added 160 points, or 0.3%, and also touched a fresh all-time intraday high earlier in the session. The Nasdaq Composite stayed close to the flatline.

Alphabet dragged on the S&P 500, falling 2% after the company said it plans to raise $80 billion through stock sales to support its artificial intelligence buildout. The plan includes a $10 billion investment from Berkshire Hathaway.

Semiconductor names helped keep the broader index up. Marvell Technology rose 15% after Nvidia CEO Jensen Huang said the chip company could become the next trillion-dollar firm. After that first mention, Jensen said connectivity is crucial when computing work is split into many pieces and spread across a full data center.

“That’s the reason why Marvel is so essential,” Jensen said.

The Philadelphia Semiconductor Index gained 4% as chip stocks stayed firm through the session.

Oil also moved higher on Tuesday, extending Monday’s gains after earlier slipping. Iranian state media reported Monday that the country’s negotiators will stop sending messages to the U.S. through intermediaries. Tasnim, Iran’s state-affiliated outlet, also reported that the country will move to fully block the Strait of Hormuz.