Bitcoin Plunges to $110,623 as Market Volatility Intensifies

Bitcoin's brutal selloff continues as the flagship cryptocurrency tumbles to $110,623—another stark reminder that digital assets don't believe in gentle corrections.

The Great Crypto Shakeout

Market tremors sent Bitcoin spiraling downward, wiping out gains and testing investor resolve. Trading screens flashed red across global exchanges as the digital gold narrative faced its latest stress test.

Whales Make Waves

Large holders appear to be taking profits while retail traders scramble—classic crypto theater playing out in real-time. The leverage flush continues cleansing overextended positions from the system.

Technical Breakdown

Key support levels evaporated like morning fog as selling pressure overwhelmed buy-side interest. The charts now resemble a ski slope rather than the steady ascent bulls had envisioned.

Institutional Cold Feet?

While traditional finance continues its slow dance with digital assets, today's action suggests some big players might be getting cold feet—or just taking advantage of panicked sellers.

Another day, another 10% swing—because who needs stability when you can have excitement? The crypto market continues its tradition of separating the steadfast from the squeamish, all while Wall Street analysts update their 'I told you so' presentations.

A powerful trend

Uranium is the fuel traditionally used in nuclear power plants, which have seen quite the renaissance in the U.S. lately. Uranium Energy (the company) is making hay while the SUN shines by floating a secondary issue of its common stock.

Image source: Getty Images.

After market hours, the company announced the issue's underwriter (white-shoe investment bank) fully exercised its option to purchase additional shares in the offering. Following this, the issue closed.

To put the key numbers on the flotation, Uranium Energy sold 15.5 million of its common shares at a price of $13.15 apiece. Goldman Sachs pulled the lever on its full allotment of nearly 2.33 million shares. The latter sale brought in gross proceeds of almost $30.6 million for the company.

Big build-out

Uranium Energy said it will use the funds it reaped to speed up the development of a state-of-the-art refining and conversion facility for its favorite substance, which feels like a sensible and clever MOVE given the emergence of the nuclear industry. The company added that it will also devote some monies to "general corporate and working capital purposes."