Crypto-related company stock fell over in pre-market trading as Bitcoin on Monday BTC$112,893.81 And some altcoins succumbed to relentless selling pressure, spurring a $1.6 billion liquidation across the exchange of derivatives.
Coinbase (Coin) fell 3% in pre-market trading, while Strategy (MSTR) slid 2.3%. Mara Holdings (Mara) and Metaplanet (Tyo: 3350) also lost more than 3%.
Crypto Treasury Companies had a morning morning. Solana Treasury Company Forward Industries (FORD) sells as much as 5% in pre-market trading, while ETH-focused Bitmine (BMNR) lost 3.9%.
The stock sales come after a tough weekly opening for the crypto market on Asian mornings. BTC and ether (ETH) fell by 2.3% and 6.4% respectively, with some Altcoins taking double-digit moves on the downside.
The move was the pinnacle of several tokens that lost momentum last week after winning the ground with the Federal Reserve decision to cut interest rates by 25 basis points.
According to Coinglass, the reversal has led to widespread liquidation of crypto derivative exchanges, unlocking ETH positions worth $500 million in the last 24 hours.
