(Bloomberg/Suvashree Ghosh) — Major cryptocurrencies retreated to drag the market’s total value below $4 trillion after it scaled record heights last week.
Bitcoin fell as much as 2.5% to about $115,000 while Ether, the second-largest token, at one point shed more than 5% to dip below $4,300 on Monday. The combined value of all cryptocurrencies sank to $3.9 trillion, according to CoinMarketCap.
The losses come after Bitcoin hit a record $125,514 on Aug. 14, while Ether on the same day pushed to within $100 of its own all-time high set in November 2021. The two leading tokens had been buoyed by a spree of institutional investment led by so-called digital-asset treasury companies — listed vehicles whose purpose is to create stockpiles of cryptocurrency. Michael Saylor’s Strategy, the original crypto hoarder that’s inspired a flood of imitators, has amassed more than $72 billion worth of Bitcoin. Strategy announced Monday that it purchased $51.4 billion of Bitcoin from Aug. 11 to Aug. 17.
The market “has seen continued profit-taking since a new all-time high printed last week,” said Caroline Mauron, co-founder of Orbit Markets, adding that “the momentum behind the crypto treasury boom appears to be losing steam.”
Metaplanet Inc., the Japanese hotel operator that’s so far accumulated $2.2 billion of Bitcoin, is down around 50% from a mid-June high.
Meanwhile, BitMine Immersion Technologies Inc. said Monday that it’s crypto holdings exceeded $6.6 billion. The company, headed by Thomas Lee – a well-known financial television contributor and founder of financial research firm Fundstrat – began accumulating Ether in June. Shares of the Las Vegas-based firm have surged more than 600% this year.
–With assistance from Sidhartha Shukla.
More stories like this are available on bloomberg.com
©2025 Bloomberg L.P.
Related Posts:
- Crypto retreats from record territory as traders take profits News (Bloomberg/Suvashree Ghosh) — Major cryptocurrencies retreated to drag the market’s total value below $4 trillion after it scaled record heights last week. Bitcoin fell as much as 2.5% to about $115,000 while Ether, the second-largest token, at one point shed more than 5% to dip below $4,300 on Monday. The…
- Celtics Plan Big Move With 3-Point Record-Setting $30 Million Guard, Report Says Sports The Boston Celtics team that won the NBA championship just two seasons ago is now long gone. Thanks to the “second apron” payroll threshold in the league’s collective bargaining agreement, Celtics president of basketball operations Brad Stevens has been forced to dismantle the powerhouse team that remained largely intact through…
- LAUSD sees ‘record’ first-day attendance despite immigration-raid fears News Los Angeles Unified School District saw a record first-day turnout Thursday, Aug. 14, despite community fears over recent immigration raids, with preliminary attendance 2% higher than last year, Superintendent Alberto Carvalho said. “It was a great day of joy and happiness celebrated by students and parents and staff,” he said…
- Kevin Durant, Rockets Praised By NBA Veteran And Record-Holder Sports Even after finishing with their best record in six years last season, the Houston Rockets have made a dramatic jump over the summer by adding Kevin Durant to their roster. Durant remains one of the top players in the NBA, with a resume and scoring ability that teams around the…
- Report: Lakers Offseason Moves Don’t Guarantee A Better Record Sports The Los Angeles Lakers finished with their first 50-win season in five years, but their latest offseason moves aren’t expected to lead to a better record next year. Andy Bailey of Bleacher Report expects the Lakers to finish with the same 50-32 record next season. “The Los Angeles Lakers didn’t…
(Visited 1 times, 1 visits today)