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Bitcoin Drops Below $70K: Analyst Says Strategy ‘Slayed The Sacred Cow’ With Rare BTC Sale
Bitcoin (BTC) fell about 4% to trade below $70,000 on Tuesday, as markets digested Strategy’s (MSTR) first cut to its Bitcoin holdings in more than three years. The company announced on Monday that it sold 32 BTC between May 26 and May 31, for an average of $77,135 per coin, or $2.5 million. This is the second time Strategy’s Bitcoin balance has decreased nominally since the firm’s last sale in December 2022, when it sold 704 BTC. However, Strategy still holds 843,706 BTC. The market did not take the news well. The disposal ended a long-standing trend of accumulation and sparked fears that one of the market’s ... (full story)
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