Michael Saylor, chairman of MicroStrategy, spoke at the Bitcoin 2024 conference in Nashville, Tennessee on July 26, 2024. Strategy shares dropped 8% after bitcoin fell below the company’s average purchase price of $76,052 per token. Bitcoin hit a low of $74,500 on Monday, the lowest since last April, raising concerns for Strategy’s $56 billion bitcoin holdings. The recent 11% decline in bitcoin prices has been attributed to geopolitical tensions and expectations of a U.S. monetary policy shift. Investors have been cautious amid President Trump’s endorsement of Kevin Warsh for Federal Reserve chair and escalating tensions with European leaders. Bitcoin’s recent drop has seen over $2 billion in long and short positions liquidated, contributing to the sell-off.

Read more at CNBC: Strategy slides after bitcoin briefly dips below crypto firm’s key breakeven level