Bitcoin
Bitcoin crashes below $70,000 for first time since April 8. Why did it happen?
Bitcoin slipped below the $70,000 mark for the first time since April 8, as selling activity from its largest institutional holder, Strategy (formerly MicroStrategy), added pressure to the cryptocurrency market.
The world’s largest cryptocurrency declined to $69,690 early on Tuesday, marking a drop of more than 3.8% from the previous session. Bitcoin is also down over 8.4% compared to the previous week, according to Forbes.
Despite Bitcoin’s decline, major altcoins remained relatively stable. Ether was trading at $1,981, Binance’s BNB at $681, and XRP at $1.26, showing limited impact from the broader Bitcoin selloff.
According to reports, Strategy disclosed in a U.S. Securities and Exchange Commission (SEC) filing that it had sold 32 bitcoins in the last week of May to raise approximately $2.5 million for dividend payments to shareholders. The average sale price of the tokens was around $77,135 per bitcoin.
This marks the first time Strategy has sold part of its Bitcoin holdings since December 2022.
Despite the sale, the company remains one of the largest institutional holders of Bitcoin, retaining 843,706 BTC, acquired at an average purchase price of $75,699 per coin.
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