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Smart-contract and DeFi coins lead losses as bitcoin wilts for 4th straight day
Key takeaways
- The CoinDesk 20 Index (CD20) has dropped 3.3%, with ether (ETH), XRP (XRP) and solana (SOL) all weaker.
- Concerns about Strategy (MSTR), the Michael Saylor-led bitcoin treasury company, continue to dominate market sentiment, with particular focus on its dividend-paying preferred stock, STRC.
- "Strategy, the largest listed BTC holder, has watched its STRC preferred collapse below par, and the market is now openly pricing the tail that it has to sell coins to defend the structure," analysts at Marex said.
It's not alone. The CoinDesk 20 Index (CD20) has dropped 3.3%, with ether (ETH), XRP (XRP) and solana (SOL) all weaker. The CoinDesk Smart Contract Platform Select Capped Index fell 4%, and the CoinDesk 80 and CoinDesk DeFi Select Index are following close behind.
Concerns about Strategy (MSTR), the Michael Saylor-led bitcoin treasury company, continue to dominate market sentiment, with particular focus on its dividend-paying preferred stock, STRC.
"Strategy, the largest listed BTC holder, has watched its STRC preferred collapse below par, and the market is now openly pricing the tail that it has to sell coins to defend the structure," analysts at Marex said.
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