On Tuesday, Bitcoin dropped below $70,000 for the first time since April, reflecting worsening market sentiment.
The cryptocurrency declined over 5%, reaching $67,692.76, its lowest point since April 5.
Ether also fell by 3%, while broader crypto stocks faced declines: Strategy dropped over 8%, Galaxy lost 4%, and Coinbase declined 3%.
The downward trend began Monday after Strategy, a Bitcoin treasury pioneer, sold a small portion of its holdings its first sale since 2022.
Although the sale was well-telegraphed, it caused concern among investors, especially given founder Michael Saylor’s famous “never sell your Bitcoin” stance.
This triggered a cascade of long liquidations, forcing traders out of leveraged positions, with exchanges liquidating $594 million in longs over the past 24 hours.
Source (CNBC)
