Bitcoin fell on Tuesday, extending its recent losses and dropping below its recent trading range, after Strategy, the largest cryptocurrency holder, halted its Bitcoin purchases.
The prevailing caution ahead of this week's Federal Reserve meeting has kept investors on edge regarding speculative assets such as cryptocurrencies, with the sector's prices experiencing a broad decline on Tuesday.
Bitcoin fell 0.5% to $79,830.30 by 8:43 AM Saudi time.
Cryptocurrency markets found little support from the decline in oil prices, and the overnight rally in stock markets, driven by the technology sector, did not provide sufficient support for these markets.
Bitcoin's decline on Tuesday resulted in it falling below the $80,000-$87,000 trading range that had formed over the past month.
Strategy halts its weekly Bitcoin purchases
Strategy (NASDAQ:MSTR) did not make any purchases or sales of Bitcoin, nor did it sell any shares under its IPO program during the week of October 19-25, 2026.
By October 25, the company owned approximately 848,517 Bitcoins, purchased for a total of $64.02 billion at an average price of approximately $75,446.00 per coin, including fees and expenses.
During the week, the company repurchased 2,068,459 shares of its STRC (Variable Rate Series A Perpetual Stretch Preferred) preferred stock for $204.90 million, funded from its dollar cash reserves, and did not repurchase any other class of securities.
Strategy& did not disclose the reasons for its decision to stop buying Bitcoin. However, this move sent negative signals to the markets, especially after the company sold a portion of its Bitcoin holdings earlier this year.
Cryptocurrency prices today: Altcoins decline as the Fed's decision is awaited
Cryptocurrency prices fell broadly on Tuesday, weighed down by caution in the sector ahead of the Federal Reserve's interest rate decision on Wednesday.
The central bank is widely expected to keep interest rates unchanged at 4.0%. However, continued high US inflation is likely to push the central bank toward a more hawkish stance, a scenario that casts a shadow over cryptocurrencies.
On a broader level, both the European Central Bank and the Bank of Japan are expected to issue further signals on monetary policy, although both banks are likely to adopt a more hawkish tone.
Ether, the world's second-largest cryptocurrency, fell 0.6% to $2,307.01, while BNB declined 0.3%.
XRP was an exception, rising 0.7% after its parent company Ripple received final US approval to establish a national credit bank.
Solana fell by 1.2%, while Cardano rose by 0.4%.
In the meme currency market, Dogecoin rose by 0.6%, and $TRUMP added 1.7%.
