Bitcoin drops below $70,000 as stocks pause and Strategy's BTC sale weighs on crypto
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Bitcoin BTC $ 69,348.21 extended its slide on Tuesday, dropping more than 3.8% in 24 hours to dip below $70,000, as the aftermath of Strategy's first disclosed bitcoin sale weighed on the market while stocks paused at record highs and oil pushed further on the stalled U.S.-Iran ceasefire negotiations.
BTC fell to as low as $69,648 and was recently trading above $70,000, CoinDesk data show
MSCI's Asia-Pacific equity index fell 0.5%, with South Korea's Kospi sliding 1.8% after its 105% year-to-date run
Hyperliquid's HYPE remained the outlier in the top 10 by market value, gaining 24.3% over the past seven days to $73.76 even as bitcoin and ether bled
Summary
Bitcoin fell below $70,000 on Tuesday, extending a weeklong slide as markets digested Strategy’s first disclosed bitcoin sale and broader risk assets paused near record highs. Strategy sold 32 bitcoins for $2.5 million to fund preferred stock distributions, a move seen as symbolically important even though it is small relative to the company’s overall holdings. With bitcoin ETF flows still negative and no clear bullish catalyst in sight, bitcoin is trading at its lowest level in weeks even as select tokens like Hyperliquid’s HYPE outperform. BTC fell to as low as $69,648 and was recently trading above $70,000, CoinDesk data show.