This Tuesday, the price of Bitcoin fell below $67,000, marking its lowest level since February, after the firm Strategy revealed its first asset sale in three and a half years. The company liquidated 32 BTC between May 26 and May 31 at an average price of $77,135, generating a total of $2.5 million earmarked for paying dividends on its STRC preferred shares.
Despite the fact that the sale represents just 0.004% of the 843,706 coins held by Strategy, the move had a strong psychological impact on the market. This correction coincided with a record streak of capital outflows from Bitcoin ETFs and movements from wallets linked to the defunct Mt. Gox platform, increasing bearish pressure against traditional U.S. markets that were trading at historic highs.
In the short term, the crypto ecosystem will watch to see if the $67,000 support level manages to hold or if institutional pressure will deepen the correction. The next step for investors will be to monitor the stabilization of ETF flows and Strategy’s upcoming corporate announcements regarding its treasury.
Source: https://goo.su/FcASmd
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