Bitcoin falls below the $90,000 mark, concept stocks plummet; Strategy (MSTR.US) just added $2.1 billion to its position.

Due to the fall in Bitcoin prices, cryptocurrency concept stocks collectively came under pressure on Tuesday. With Bitcoin falling below $90,000 and Ethereum falling below $3,000, US stocks related to cryptocurrency such as Strategy (MSTR.US), SharpLink Gaming (SBET.US), and MARA Holdings (MARA.US) experienced significant declines, with losses exceeding the overall market. According to data from the cryptocurrency price aggregation platform CoinGecko, as of the time of writing, Bitcoin had once touched a low of $89,281, but was unable to return to the $90,000 mark. At the same time, increased market volatility drove trading activity up, with the blockchain data platform CoinGlass showing a 14% increase in Bitcoin's 24-hour trading volume to $68.6 billion. It is worth noting that on Monday, most financial institutions in the United States were closed for Martin Luther King Jr. Day, including the New York Stock Exchange and Nasdaq. Although the cryptocurrency market operates year-round, with increased participation from institutional investors, trading pace during holidays tends to be more similar to traditional financial markets, with relatively weaker liquidity, thereby amplifying price fluctuations. In addition to technical and liquidity factors, the market is also digesting the latest political uncertainty surrounding GEO Group Inc. Donald Trump recently made a strong statement once again, stating that he will "100%" push for tariffs on European countries that oppose his control over Greenland. An analyst from the cryptocurrency exchange Bitfinex told the media that while the immediate market reaction to the "Greenland tariffs" proposal was limited, it added another layer of pressure to the long-term political uncertainty surrounding GEO Group Inc. caused by tariffs over the past year. In the stock market, major US indexes fell by over 1% on Tuesday, but the pullback in cryptocurrency concept stocks was more severe. Strategy, despite announcing a $2.1 billion investment in Bitcoin, saw its stock price decline by over 6% after the New York opening, falling below $160 at one point and closing at $160.23. SharpLink Gaming's stock price fell by 9.59% to $9.945. The company currently holds around $2.4 billion in Ethereum, with its CEO Joseph Chalom previously describing this asset as "permanent capital." Meanwhile, Bitcoin mining company MARA Holdings saw its stock price drop by 8.71% to $10.37. Towards the end of last year, the company signed a letter of intent with midstream energy infrastructure company MPLX to supply natural gas to its center campus in Texas and construct new facilities. Market analysts point out that a drop in Bitcoin prices often has a larger impact on mining company stocks. An analyst from market maker Wintermute said in a report that while the recent Bitcoin drop is worrisome, it is not yet enough to indicate a "free fall" trend. "It currently seems more like consolidation rather than a trend breakdown, but the psychological level of $90,000 needs to provide effective support, otherwise the possibility of retesting near $85,000 cannot be ruled out."