Bitcoin drops back under $70,000, Strategy extends its slide
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Bitcoin on Tuesday fell below $70,000 for the first time since April amid deteriorating market sentiment.
Key facts
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
Crypto exchanges have recorded $594 million in long liquidations over the past 24 hours, according to CoinGlass
Bitcoin on Tuesday fell below $70,000 for the first time since April amid deteriorating market sentiment
Summary
The price of the flagship cryptocurrency was last lower by more than 6% at $67,014.97, according to Coin Metrics. 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. That led to a cascade of long liquidations that accelerated the downside pressure. Bitcoin has been struggling to climb back toward its October record of more than $126,000 as uncertainty around the U.S.-Iran war has kept the price under pressure while the stock has risen to new records.