Bitcoin extends losses as Strategy sale pressures price
Bitcoin extended its slide below $71,000 in early Asian hours on Tuesday, falling 3.4% over the past 24 hours and 7.5% for the week, as the fallout from Strategy’s first disclosed bitcoin sale weighed on sentiment while stocks paused at record highs and oil rose on stalled US-Iran ceasefire negotiations.
BTC traded near $70,830 by Tuesday morning, with a 24-hour range between $70,120 and $73,458, according to CoinDesk data, News.Az reports, citing CoinDesk.
Ether (ETH) hovered just below $2,000 at $1,996, while DOGE held steady at $0.10. XRP fell 3% to $1.28, and Solana (SOL) slipped 1.7% to $80.47.
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A Monday 8-K filing from Strategy (MSTR), the largest corporate holder of bitcoin, revealed the company’s first public bitcoin sale in five years since it began accumulating. It sold 32 coins for $2.5 million at an average price of $77,135, with proceeds earmarked to fund preferred stock distributions.
Stocks eased from all-time highs as investors took profits from the AI-driven rally that has dominated markets this year, Bloomberg reported.
MSCI’s Asia-Pacific equity index fell 0.5%, while South Korea’s Kospi dropped 1.8% after its 105% year-to-date surge. Nasdaq 100 futures declined 0.7%, while Chinese tech stocks moved against the trend, with Tencent (0700) rising 7.5%.
Brent crude eased slightly from Monday’s gains but remained near $94.40 a barrel as the US-Iran standoff continued. Treasuries held losses from the previous session amid concerns that higher energy prices could keep the Federal Reserve from cutting interest rates. Iran said it would suspend message exchanges with Washington, according to Tasnim news agency.
Hyperliquid’s HYPE remained an outlier among top digital assets, gaining 24.3% over the past seven days to $73.76, even as bitcoin and ether declined.
Bitcoin is now at its lowest level in weeks, with ETF demand still flowing out and Strategy’s disclosed sale adding pressure, leaving few clear near-term catalysts for a rebound.
By Nijat Babayev
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