Bitcoin fell 0.5% to $63,658.6 on Tuesday, dropping below $64,000 as hopes faded for a U.S.-Iran deal to reopen the Strait of Hormuz. Strategy added to the pressure by disclosing it had sold more of its Bitcoin holdings a day earlier.
Bitcoin fell 0.5% to $63,658.6 by 17:24 ET (21:24 GMT) on Tuesday, edging below the $64,000 level. The move came as worsening risk appetite took hold after hopes for a U.S.-Iran deal to reopen the Strait of Hormuz dithered.
The token also came under pressure from Strategy, the world's biggest holder of Bitcoin, after the company disclosed it had sold more of its holdings.
Strategy sells $109 million in Bitcoin
Strategy disclosed on Monday it had sold 1,690 Bitcoin for a total of $109 million. The company said it had raised an additional $653.1 million from the sale of 6.69 million shares of common stock.
The proceeds from the Bitcoin sale were all deployed toward repurchasing 1.15 million shares of Strategy's preferred stock, STRC. Monday's disclosure marks Strategy's fifth sale of its Bitcoin holdings this year, with the company seen raising cash to repay its mounting debt and dividend commitments.
Strategy's Bitcoin hoard stood at 840,447 coins after the latest sale. The company built that position chiefly through debt and preferred stock issuances.
Most altcoins fall as Iran peace hopes fade
Broader crypto prices were a mixed bag on Tuesday amid the same waning optimism over a Hormuz deal, after the U.S. and Iran both presented contentious stances toward a potential agreement. World no.2 crypto Ether added 0.4% to $1,882.38. XRP gained 0.3%.
Solana and Cardano shed 0.2% and 2.8%, respectively. BNB rose 2.3%. Among memecoins, Dogecoin improved 3.3%. $TRUMP inched up 0.3%.
Source: Investing.com
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