The strategy provides a hedge against a potential bitcoin price pullback to $47,000 and costs over $20 million, according to crypto block trading service provider Greeks.Live.
Strike, the payments application using the Bitcoin blockchain, has launched in Europe, allowing customers to buy, sell and withdraw bitcoin {{BTC}} in the region, it announced Wednesday.
It's been a trend for the last few weeks that cryptocurrencies selloff as the U.S. traditional markets open, underscoring a general risk-off sentiment among American investors.
BTC plummeted more than 2% in an hour to $65,200 during the U.S. trading session from around the $67,000 area. The leading crypto was down 7.5% over the past seven days