By Suvashree Ghosh, Bloomberg
Bitcoin dipped below $70 000 for the first time in almost two months as concerns about the US-Iran war and Strategy’s rare sale of the token weighed on fragile sentiment.
Bitcoin dropped as much as 2.4% to $69 660 in early European trading, the lowest since April 8. Digital coins were broadly down, with Ether, Solana and other tokens declining.
“Geopolitical uncertainties coupled with jitters about Strategy’s treasury outlook have been weighing heavily on Bitcoin,” said Caroline Mauron, co-founder of Orbit Markets.
Michael Saylor’s Strategy on Monday disclosed its first sale of Bitcoin since late 2022, disposing of about $2.5 million of the token in a symbolic break from the maximalist playbook that helped make the company one of the market’s largest buyers.
Another threat to Bitcoin comes from the exchange-traded funds that initially helped drive the price higher when they launched more than two years ago.
US spot Bitcoin ETFs have suffered net outflows for a record 11 straight days, with investors yanking almost $3.5 billion over that stretch, data compiled by Bloomberg show.
“A confirmed daily or weekly close below $70 000 would mark a structural shift rather than a headline reaction,” said Sean McNulty, Asia-Pacific derivatives trading lead at FalconX.
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