Bitcoin Struggles to Regain Momentum 11/08/2026
Market Wrap
US stocks finished slightly lower on Monday as investors weighed renewed uncertainty over the US-Iran conflict and the outlook for the Strait of Hormuz.
The S&P 500 slipped 0.1% to 7,753.11, while the Nasdaq Composite fell 0.3% to 26,605.36. The Dow Jones Industrial Average declined 61 points, or 0.1%, to 53,975.98.
Intel (INTC) was among the biggest laggards, dropping 4% after announcing plans to issue $15 billion in common stock. Nvidia (NVDA) fell 2.9%, while Apple (AAPL) lost 1.5%.
Oil prices moved sharply higher as uncertainty around the Middle East persisted. Iran said it was making progress with Oman on reopening the Strait of Hormuz, but continued to resist direct talks with Washington unless several conditions are met. West Texas Intermediate crude jumped 5.1% to settle at $82.13 a barrel.
US stock futures edged higher early Tuesday as investors assessed signs of progress on Hormuz against continued doubts that a broader US-Iran agreement is close.
Attention now shifts to a key round of inflation data, with July CPI due Wednesday and PPI scheduled for Thursday. The reports take on added importance after last week’s weak jobs data, leaving the Federal Reserve caught between renewed inflation pressure from higher energy prices and growing signs of a softer labor market.
Earnings season also remains in focus. Cardinal Health (CAH) and On Holding (ONON) are scheduled to report before Tuesday’s opening bell, followed by Cava Group (CAVA), CoreWeave (CRWV) and Super Micro Computer (SMCI) after the close.
Bitcoin Slips as Strategy Sells BTC
Bitcoin (BTC) fell below $64,000 on Monday after briefly trading above $65,400, as renewed volatility and a fresh sale by Strategy (MSTR) weighed on sentiment across the crypto market.
Strategy disclosed that it sold 1,690 bitcoin between Aug. 3 and Aug. 9 at an average price of about $64,262, raising roughly $108.6 million to repurchase STRC preferred shares. The move followed another bitcoin sale the previous week and reduced the company’s holdings to about 840,447 BTC.
The price reversal erased more than $20 billion from bitcoin’s market value in a matter of hours and triggered over $47 million in long liquidations, compared with roughly $12 million in short positions.
Strategy management defended the transaction as part of a broader balance-sheet strategy aimed at strengthening liquidity and reducing long-term financing costs. Critics, however, questioned whether selling bitcoin to support preferred securities weakens the investment case for MSTR shareholders.
The episode adds another layer of uncertainty to a crypto market already dealing with regulatory and technical concerns, while reinforcing how sensitive bitcoin remains to large treasury transactions and leveraged positioning.
Stocks on the Move
- Doximity (DOCS): Shares fell 5%, giving back part of Friday’s 32% surge that followed upbeat comments from CEO Jeffrey Tangney about the strong margins generated by the company’s AI search product.
- NetApp (NTAP): Shares gained 6% after Morgan Stanley upgraded the data-storage company to equal weight from underweight, citing improving industry fundamentals and higher earnings potential.
- Monday.com (MNDY): Shares dropped more than 6% after current-quarter revenue guidance came in below Wall Street expectations. Full-year revenue guidance was roughly in line with consensus.
- eBay (EBAY): Shares fell 3% after Bloomberg reported that GameStop (GME) is considering walking away from its takeover bid. eBay had rejected the unsolicited offer in May, calling it neither credible nor attractive.
Watchlist: MU, SNDK, AAPL, CAH, CRWV, SMCI, CAVA, ONON, SPCX, SE, VG
Key Economic Events Today
Economic Data (EST)
- 06:00 AM — USD NFIB Small Business Index
- 08:15 AM — USD ADP Weekly Employment Change
- 10:00 AM — USD Existing Home Sales
Earnings
Before Market Open: Sea Limited (SE), Cardinal Health (CAH), Venture Global (VG), On Holding (ONON), Tencent Music (TME)
After Market Close: CAVA Group (CAVA), Lumentum Holdings (LITE), CoreWeave (CRWV), Super Micro Computer (SMCI)
