Bitcoin fell below $70,000 for the first time in nearly two months, as concerns grew over a potential war between the United States and Iran, and a rare sell-off by Strategy Inc. further weighed on fragile investor sentiment.
Bitcoin fell as much as 2.4% in early European trading to $69,660, its lowest level since April 8. Other cryptocurrencies also came under similar pressure, with Ethereum, Solana, and several other digital tokens all declining in price.
Bitcoin under siege
Caroline Moron, co-founder of Orbit Markets, said: “Geopolitical uncertainty, coupled with concerns about the prospects of cryptocurrency storage company Strategy&, is putting significant pressure on Bitcoin.”
Strategy&, led by Michael Saylor, revealed on Monday its first Bitcoin sale since late 2022, shedding nearly $2.5 million worth of coins in a symbolic move that represents a departure from the hardline approach that made the firm one of the largest buyers of the currency in the market.
Another threat to Bitcoin comes from exchange-traded funds (ETFs), which helped push prices higher when they were launched more than two years ago.
Data compiled by Bloomberg showed that U.S.-listed Bitcoin spot funds recorded net outflows for the eleventh consecutive day, the longest withdrawal streak ever, with investors pulling out nearly $3.5 billion during this period.
Sean McNulty, head of derivatives trading for Asia Pacific at FalconX, said: “A confirmed daily or weekly close below the $70,000 level would be a structural shift in the market, not just a reaction to news headlines.”
