Bitcoin drops back under $70,000, Strategy extends its slide

Bitcoin fell below $70,000 for the first time since April, reaching $67,692.76, its lowest level since April 5. The drop followed Strategy's announcement of selling a small amount of its bitcoin holdings, its first sale since 2022, which contradicted founder Michael Saylor's 'never sell your bitcoin' stance. This triggered investor panic, leading to a cascade of long liquidations. Crypto exchanges recorded $594 million in long liquidations over 24 hours, according to CoinGlass. Ether declined 3%, Galaxy dropped 4%, and Coinbase fell 3%. The sell-off began Monday when leveraged traders were forced out of positions, causing exchanges to automatically sell holdings to cover losses. Bitcoin has struggled to regain its October high of over $100,000.