US Stock Market Move | Bitcoin plunges nearly 10%, cryptocurrency concept stocks sharply weaken. Strategy (MSTR.US) falls more than 11%.

On Thursday, the concept stocks of cryptocurrencies saw a significant weakening. HUT 8 (HUT.US) and Strategy (MSTR.US) both dropped over 11%, CleanSpark (CLSK.US) and MARA Holdings (MARA.US) fell over 10%, Coinbase Global (COIN.US) dropped over 8%, and Circle (CRCL.US) dropped over 5%. On the news front, there was a sell-off in cryptocurrencies with Bitcoin plummeting nearly 10%, falling below $68,000. Since hitting a historical high of $126,000 in October last year, Bitcoin has now fallen by over 40%; Ethereum also dropped over 9%, falling below $2,000. The prediction platform Polymarket shows that there is an 82% probability that Bitcoin will fall below $65,000 this year, and the probability of it dropping below $55,000 has also risen to about 60%. Previously, U.S. Treasury Secretary Scott Benson hinted that the U.S. government would not bail out cryptocurrencies. This may have been the catalyst for the virtual currency market crash. Subsequently, prominent investor Michael Burry warned that continued price declines in Bitcoin could "trigger a death spiral, leading to a massive value collapse." The selling pressure was thus ignited.