Strategy's Bitcoin Sale Sparks Crypto Market Anxiety
Bitcoin staged a slight rebound to around US$63,787 on Monday (August 3), rising approximately 0.3%. It had briefly touched an intraday low of US$62,227 before attracting renewed buying interest.
The recovery occurred as global market sentiment improved following President Donald Trump's decision to call off a strike on Iran, thereby opening the door for diplomacy. A sharp drop in oil prices helped alleviate inflation concerns but failed to drive a crypto rally as strong as the one seen in stock markets.
Fundamental pressure persists due to Strategy. The company sold 1,638 Bitcoin—valued at approximately US$104.7 million—at an average price of US$63,957. This sale reduced its total holdings to around 843,138 BTC, with the proceeds used to pay for preferred shares and repurchase STRC stock.
Sentiment was also weighed down by Coinbase's performance, as the company reported its third consecutive quarterly loss. Transaction revenue fell 21% to US$599 million, indicating that crypto investor trading activity remains sluggish amidst uncertainty regarding interest rates and capital outflows from risk assets.
Other cryptocurrencies showed mixed performance. Ethereum traded around US$1,624.95, XRP at US$1.059, and Solana at US$77.97. Meanwhile, Cardano stood at US$0.1951, BNB at US$592.09, and Dogecoin at approximately US$0.0704.
Newsmaker Analysis: Bitcoin still needs to break through the US$64,000–US$65,000 range to strengthen bullish momentum. Immediate support lies between US$62,000 and US$62,200. While diplomatic optimism may bolster sentiment, Strategy's sell-off, weak trading activity, and uncertainty regarding Federal Reserve policy continue to limit upside potential. (arl)
Source: Newsmaker.id
