Bankless co-founder: BTC unlikely to break below 200-week moving average

David Hoffman, co-founder of Bankless, analyzed on X that Bitcoin has dropped near its 200-week moving average. He noted that the only time the cryptocurrency fell below this level was immediately following the successive collapses of Terra, Three Arrows Capital (3AC), and FTX, which he described as the worst crisis contagion in crypto history. Hoffman added that he does not believe concerns over Michael Saylor's STRC perpetual preferred stock issuance represent a negative factor of the same magnitude.