Bitcoin is tanking. Despite a modest rebound in the past day, the price of the world’s largest cryptocurrency is down about 5% over the past week and 20% since May, according to data from CoinGecko. Ethereum, the world’s second-largest cryptocurrency, has seen comparable declines, and the total crypto market capitalization has dropped 36% in a year to now just over $2 trillion.
The market rout comes amid declining confidence in the Bitcoin-amassing giant Strategy, which currently holds almost $51 billion in the cryptocurrency, or roughly 4% of the world’s total supply, according to the company’s own data.
