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Bitcoin dropped toward $70,000, and other cryptocurrencies followed suit because of Iranian tensions and Strategy’s Bitcoin sale. The biggest cryptocurrency in the world fell 4.2 percent to $70,587 over the previous day, while Ethereum (ETH) fell 1.1 percent to $1,986.

Solana dropped 2.8%, XRP fell 3.8%, and BNB lost 2.4%. “Crypto declined as U. S. investors abandoned high-beta assets due to concerns about the instability of the Strait of Hormuz, tensions in Iran erupted, causing a risk-off wave. Geopolitical uncertainty increased on Monday after Iran halted talks with the United States

US President Donald Trump and Israeli Prime Minister Benjamin Netanyahu had a heated argument about Israel’s plans, despite Trump’s claims that the negotiations were still ongoing. “Talks are continuing, at a rapid pace, with the Islamic Republic of Iran,” Trump stated in a post on Truth Social on Monday.

Strategy’s revelation that it sold 32 BTC for about $2.5 million put additional pressure on market sentiment. Strategy reported that between May 26 and May 31, it sold 32 BTC at an average price of $77,135 per BTC, marking the company’s first bitcoin sale since December 2022.

According to the company, preferred stock distributions are anticipated to be funded by the proceeds of the sale.

Even one of the world’s largest bitcoin treasury companies is coming under pressure from the recent decline in crypto prices, even though the amount of bitcoin sold by Strategy was relatively insignificant.. The size of Strategy’s bitcoin sale was comparatively insignificant, according to Jeff Ko, chief analyst at CoinEx, but “the signal is not.” According to Ko, “the psychological break from that narrative hit retail confidence hard and added a negative layer to an already stressed tape.” The S&P 500 g helped US stocks reach new highs on Monday.