Bitcoin drops back under $70,000, Strategy extends its slide
Bitcoin has fallen below $70,000 for the first time since April, reflecting a decline in market sentiment. The cryptocurrency dropped over 6% to $67,014.97, with Ether also experiencing a decline. The downturn was triggered by Strategy's sale of bitcoin, which unsettled investors and led to significant liquidations in the market.
- ▪Bitcoin's price fell to $67,014.97, marking a drop of over 6%.
- ▪Ether declined by 4.7%, and other crypto stocks also experienced losses.
- ▪Strategy's recent sale of bitcoin spooked investors, leading to a cascade of long liquidations.
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Bitcoin on Tuesday fell below $70,000 for the first time since April amid deteriorating market sentiment.The price of the flagship cryptocurrency was last lower by more than 6% at $67,014.97, according to Coin Metrics. Earlier, it fell as low as $66,954.99, its lowest level since April 5. Ether declined by 4.7%, and stocks across the crypto sector were in the red as well. Strategy fell 9%, Galaxy lost 5.9% and Coinbase was down 4.7%.The moves began on Monday, when bitcoin and crypto stocks fell after bitcoin treasury pioneer Strategy reported it sold a small amount of the bitcoin it was holding — its first sale since 2022.
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