Bitcoin edged higher on Tuesday but remained confined to a narrow trading range after major corporate holder Strategy revealed it had reduced its bitcoin holdings in recent weeks. The broader cryptocurrency market also stayed subdued, with investor sentiment weighed down by uncertainty surrounding U.S.-Iran negotiations and a wave of disappointing corporate earnings.
By 12:43 GMT, Bitcoin was up 0.78 percent at $63,955, after briefly climbing above the $64,000 mark earlier in the session.
Strategy reduces holdings to 842,138 coins
Bitcoin, the world’s largest cryptocurrency, remained under pressure following a recent high-profile hack targeting the cold wallets of Canadian crypto wallet provider Coinkite. Cold wallets are widely regarded as one of the most secure methods of storing digital assets, but the breach resulted in the theft of nearly $90 million worth of Bitcoin.
Adding to the cautious sentiment, Strategy Inc. disclosed on Monday that it sold 1,683 Bitcoin for approximately $104.7 million during the previous week. The latest sale marked the company’s third Bitcoin disposal in recent weeks, reducing its total holdings to 842,138 coins as of Tuesday.
The announcement came shortly after Strategy reported a larger-than-expected second-quarter loss, driven primarily by unrealized losses on its Bitcoin portfolio. The company’s average purchase price for its holdings stands at $75,419 per Bitcoin, significantly above the cryptocurrency’s current market price.
Weaker-than-expected earnings from cryptocurrency exchange Coinbase Global also weighed on sentiment across the digital asset sector.
Read: Bitcoin falls below $64,000 as Fed uncertainty, geopolitical risks weigh on crypto sentiment
Investors eye Mideast developments
Investors also monitored mixed signals surrounding the U.S.-Iran conflict. U.S. President Donald Trump said negotiations with Iran were continuing, although Tehran largely denied that any talks were taking place.
Even so, signs that Washington had paused military action against Iran lifted hopes for a potential easing of tensions, contributing to improved market sentiment. Oil prices also fell sharply this week, reflecting expectations that the conflict may not escalate further.
The broader cryptocurrency market posted modest gains on Tuesday, supported by a handful of positive developments across the sector.
Ether, the second-largest cryptocurrency by market value, rose 1.83 percent to $1,877.38, while XRP gained 1.05 percent to $1.0771.
Among other major tokens, Solana advanced 2.04 percent $73.888, Cardano jumped 3.02 percent, and BNB added 0.75 percent.
Memecoins also traded higher, with Dogecoin rising 1.22 percent and the $TRUMP token gaining 1.35 percent.
