Bitcoin The stock fell below $70,000 on Tuesday for the first time since April as market sentiment deteriorated.
The price of the flagship cryptocurrency last fell more than 6% to $67,014.97, according to Coin Metrics. At one point, it fell to $66,954.99, the lowest price since April 5th. ether fell 4.7%, and stocks across the crypto sector were similarly in the red. strategy 9% down; galaxy lost 5.9%; coinbase It fell 4.7%.
The move began on Monday, when Bitcoin and crypto stocks fell on the back of a rise in Bitcoin Treasury Pioneer’s stock price. strategy The company reported that it had sold a small amount of its Bitcoin holdings. This will be the first sale since 2022. The company sent out a big telegram, but it surprised investors by reversing Chairman and Founder Michael Saylor’s “never sell Bitcoin” mantra.
This triggered a series of long-term liquidations, accelerating downward pressure. When leveraged traders who are betting on high prices are let go of their positions, the exchange automatically sells their holdings to cover their losses. According to CoinGlass, the cryptocurrency exchange recorded $594 million in long-term liquidations in the past 24 hours.
Bitcoin (BTC) this year
Bitcoin is struggling to claw its way back above October’s record of $126,000, as uncertainty surrounding the US-Iran war continues to put pressure on prices, even as stocks hit new records. This has brought scrutiny to both the main thesis of Bitcoin: that it is “digital gold” that benefits from geopolitical uncertainty, and that Bitcoin trades like a high-beta tech stock.
On Monday, Bitcoin ETFs recorded their 11th consecutive day of net outflows, and the longest in history, according to SosoValue.
