#bitcoin kicks off June below USD $70,000 after the sell-off by Strategy
Bitcoin is back under pressure, having dipped below USD $70,000 again, while the first sell-off disclosed of
$BTC by Strategy shook market sentiment, contrasting with strong gains in AI-linked tokens.
* Strategy dumped
#BTC for USD $2.5 million to fund preferred stock distributions, a small but symbolic move for the market.
* While
#BTC and
#Ethereum retreated, AI tokens like $H and
$NEAR surged, and
#DeFi: saw its TVL drop to about USD $78 billion.
Bitcoin (BTC) resumed trading under heavy pressure on Tuesday's open after dropping below USD $70,000 for the first time since April 7. The leading cryptocurrency hit a local low of USD $69,251, according to CoinMarketCap data, in a drop that accelerated since Sunday, leaving the market with clear signs of strain.
Saylor had already sold bitcoins in 2022
The episode also reignited comparisons to December 2022 when the company sold 704 BTC for tax-loss harvesting and repurchased bitcoins shortly after.
Mass liquidations hit leveraged traders
The Bitcoin drop hit crypto traders with leverage hard. Coinglass data shows USD $796 million in liquidations over 24 hours, with an approximate distribution of 85% in long positions and 14% in short positions.
Not all of the crypto market followed the same trend. AI-linked tokens stood out with significant gains, contrasting with the weakness in Bitcoin, Ether, and several major altcoins. In the altcoin sector, H and NEAR registered increases of 8% and 14.5%, respectively, in various 24-hour cuts. The variation illustrates how data can shift based on the exact measurement time.