Strategy Inc shares fall as Bitcoin drops toward $84,000

Strategy Inc shares fell 5.% in morning trading on Wednesday, as Bitcoin continued its decline for a third straight session.

Bitcoin dropped toward the $83,000 to $84,000 range after failing to break through the $87,000 resistance level for the third time since late September. The cryptocurrency's weakness pressured Strategy Inc due to the company's large cryptocurrency treasury holdings.

Oil prices rose above $100 per barrel following reports of Iranian tanker attacks near the Strait of Hormuz, which reduced demand for risk assets. The crypto market recorded approximately $550 million in total liquidations, with long positions accounting for most of the losses.

Bitcoin had already fallen nearly $2,000 in about 20 minutes during Tuesday's trading session. Markets were waiting for the Federal Reserve FOMC meeting minutes scheduled for release later on Wednesday, adding uncertainty about the interest rate outlook.

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