Ether, solana and dogecoin slide as Strategy’s bitcoin sales plan pressures market
Bitcoin held below $60,000 as a surging dollar kept crypto pinned. Onchain demand stayed quiet through the week’s losses, and Strategy’s plan to possibly sell bitcoin added to the caution.
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Summary
- Major cryptocurrencies slid as the Japanese yen fell to a 40-year low, boosting the U.S. dollar and pressuring risk assets like bitcoin.
- Bitcoin hovered around $59,500, below its 200-week moving average, while most altcoins posted steep weekly losses except solana and Hyperliquid’s HYPE, which eked out gains.
- Onchain data showed muted demand and shrinking transaction fees, and the prospect of over $1 billion in potential bitcoin sales by Strategy is adding to caution in an already thin market.
