Key Takeaways
- The price of a single bitcoin recently traded below $70,000 and at its lowest price since late 2024.
- Investors tracking cryptocurrency will likely watch closely this afternoon’s planned financial results and conference call by Michael Saylor’s Strategy, a big buyer and owner of bitcoin.
Bitcoin has slipped below another five-digit milestone.
The leading cryptocurrency by market capitalization—at about $1.39 trillion, according to CoinMarketCap—recently changed hands at prices not seen since late 2024, dropping below $70,000 apiece. The price hasn’t been cut in half since its record highs of around $125,000, recorded last fall, but the retreat is nevertheless severe.
The latest round of defections from bitcoin has come as investors have lately moved away from risk assets and, in some cases, shifted portfolio allocations toward more defensive plays. (Read Investopedia’s full coverage of today’s trading here.)
Why This Matters to Crypto Investors
The dramatic pullback in bitcoin’s price since late last year has alarmed some investors, though others are positioning it as a buying opportunity. Those who watch bitcoin closely will likely tune into a conference call, scheduled for this evening, held by executives at Strategy, a big buyer of the cryptocurrency.
Ask a market maven what’s next and you’re likely to get a range of answers. Bulls still talk about bitcoin’s long-term potential—not just to recover, but to post the kind of parabolic returns it long saw. Bears see substantial further losses ahead. In the meantime, the trading action is hitting not only crypto assets itself but related stocks.
One of those may fuel one or both of those narratives later today: Big bitcoin buyer Strategy (MSTR), previously known as MicroStrategy, is set to report quarterly results after today’s close. The company earlier this week reported its latest purchase, which brought the adverage prices it’s paid for the bitcoin it owns to around $76,000.
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News or commentary out of the company or its executives, including Executive Chairman Michael Saylor, may prompt further moves in bitcoin. (The company is also promoting the appearance of “leading bitcoin analysts” on its conference call.)
Saylor has remained bullish this week in social-media posts, calling volatility a “gift to the faithful.”
Strategy shares were down 7% ahead of Thursday’s opening bell. The once-high flying stock has lost more than 70% of its value since hitting an all-time high last July.