Bitcoin slides toward $70,000 as Strategy’s BTC sale, geopolitical risks weigh on crypto
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Bitcoin (BTC) fell toward $70,000 late Monday, with other major cryptocurrencies also declining, as rising U.S.-Iran tensions and Strategy's BTC sale pressured risk assets.
Key facts
The world's largest cryptocurrency dropped 4.2% over the past 24 hours to $70,587, while Ethereum (ETH) dipped 1.1% to $1,986, 's price page
Hong Kong's Hang Seng Index added 1.01%, and China's CSI 300 edged up 0.75%
On Monday, Strategy said that it sold 32 BTC at an average price of $77,135 per bitcoin between May 26 and May 31, marking the firm's first bitcoin sale since December 2022
U.S. equities climbed to fresh highs on Monday, with the S&P 500 gaining nearly 0.3% and the Nasdaq Composite advancing 0.4%
Summary
The world's largest cryptocurrency dropped 4.2% over the past 24 hours to $70,587, while Ethereum (ETH) dipped 1.1% to $1,986, 's price page. "Crypto dropped as U.S.-Iran tensions flared, triggering a risk-off wave as investors ditched high-beta assets amid Strait of Hormuz instability fears," said Dominick John, analyst at Zeus Research. Geopolitical uncertainty intensified on Monday after Iran suspended negotiations with the U.S. in protest of Israel's military offensive in Lebanon. "Talks are continuing, at a rapid pace, with the Islamic Republic of Iran," Trump said Monday in a Truth Social post.