The cryptocurrency rout continues, with Bitcoin (CRYPTO:BTC) falling to just over $60,000 overnight before regaining a little -- as confidence in government support for crypto falters. Richard Farr at Pivotus Partners said, "Our Bitcoin price target is $0," adding, "That's not just for shock factor. It's where the math takes us."
- "Bitcoin drifting back toward $60,000 is not crypto dying": Joshua Chu, at the Hong Kong Web3 Association, is more upbeat, saying it's "the bill coming due for Treasuries and funds that treated bitcoin as a one-way asset."
- Nasdaq, S&P 500 futures rose around 0.3% in pre-market trading: The crypto fall echoes the tech stock sell-off, following three straight days of falls for the Nasdaq -- down 4% since the end of January but still up 63% in five years.
- Iris Energy (NASDAQ:IREN), meanwhile, saw its stock slump 11.5% yesterday as the Bitcoin miner suffers from the crypto crunch. In early trading today, it slid a further 8%, despite a 41% EBITDA (earnings before interest, taxes, depreciation, and amortization) margin in Q2 -- though it's still up 260% over 12 months.
