"Bitcoin's real drama unfolded Friday. On February 13, the cryptocurrency plunged to $65,799.71, its lowest point since early February, before staging a 3.93% recovery to $68,812. The selloff wasn't isolated. News reports suggested a $6.9 billion crypto liquidation event may have preceded the drop, with Trump-linked World Liberty Financial (WLFI) showing stress signals five hours before the broader market crash."
"Strategy ( NASDAQ:MSTR)'s $50 billion Bitcoin stash became a focal point as the company announced plans to convert $6 billion in bond debt to equity. Management claimed it could survive an 88% Bitcoin crash to $8,000, a defensive posture that raised eyebrows about near-term volatility expectations. Meanwhile, Metaplanet reported $40 million in operating profit but still recorded a $619 million net loss due to mark-to-market accounting on its Bitcoin holdings."
Bitcoin traded at $68,674.29, down 2.28% from $70,279.32 a week earlier, while the S&P 500 and Nasdaq fell about 1.28% and 1.27% respectively. The market saw a sharp drop on February 13 to $65,799.71, followed by a 3.93% rebound to $68,812, amid reports of a $6.9 billion crypto liquidation and stress signals from World Liberty Financial (WLFI). Prediction markets priced a $60,000 breach at 99.9% certainty and trimmed February odds for $85,000 to roughly 5%. Institutional responses included debt-to-equity moves and mark-to-market losses among corporate Bitcoin holders.
Read at 24/7 Wall St.
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