Bitcoin Falls Below $70,000 for First Time Since April
Bitcoin traded under the $70,000 level early Tuesday after the largest institutional holder disclosed a sale of 32 tokens. The price reached a low of $69,690 before recovering some ground.
thestreet.comBitcoin traded below $70,000 early Tuesday for the first time since April 8. The price touched $69,690, a decline of more than 3.8 percent from the prior session. The cryptocurrency remained down more than 8.4 percent for the week.
Strategy disclosed in an SEC filing on Monday that it sold 32 bitcoins in the final week of May. The company raised about $2.5 million at an average price of roughly $77,135 per token. The sale marked the second time Strategy has sold part of its holdings; the previous instance occurred in December 2022. Strategy continues to hold 843,706 bitcoins purchased at an average cost of $75,699.
Strategy shares fell 5.85 percent on Monday after the filing.
Other major tokens including Ether, BNB and XRP showed little movement and remained near $1,981, $681 and $1.26 respectively.
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Michael Saylor's Strategy sold 32 bitcoin last week for roughly $2.5 million at about $77,135 each. The transaction marks the company's first bitcoin sale in more than three years.