Bitcoin at lowest level since pro-crypto President Trump's election.
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Michael Burry warns of potential Bitcoin death spiral - if Bitcoin drops another 10%, MicroStrategy could be billions underwater with capital markets closed, potentially spilling into mining bankruptcies.
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Bitcoin increasingly behaving like software stock with 0.73 correlation to iShares software ETF, while Nasdaq 100 remains near highs but software sector takes brunt of selling.
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VanEck's Matthew Sigel notes Bitcoin hasn't proven digital gold narrative, acting like out-of-favor tech name while actual gold moves toward all-time high.