The world’s largest cryptocurrency was last up 1.7% to $64,183.5
Bitcoin on Monday reversed losses to climb higher, topping $64,000. Sentiment had come under pressure earlier after top corporate holder Strategy disclosed sales of bitcoin.
The world’s largest cryptocurrency was last up 1.7% to $64,183.5 at 21:41 GMT. It had climbed almost 5% last week, rebounding from a 21-month low on the back of a softer-than-expected U.S. jobs report that dented central bank rate hike expectations. Higher rate environments generally tend to weigh on speculative assets such as crypto. Further cues on the bank’s monetary policy actions will be gleaned from Wednesday’s minutes of the bank’s June meeting.
Bitcoin’s decline last week also came amid an eight consecutive week of outflows from spot exchange-traded funds tied to the crypto. Still, in a positive sign, last week also recorded the first net inflow since mid-June, hinting that selling pressure might be easing.
Strategy on Monday in a regulatory filing revealed multiple sales last week of a total of 3,588 bitcoin for proceeds of $216 million. This was the firm’s second time shedding bitcoin this year and a further reversal of the company’s earlier promises to never sell.
Strategy sold bitcoin in two separate transactions, first selling 1,363 bitcoin between June 29 and June 30 for $80.8 million at an average price of $59,256, followed by an additional 2,225 bitcoin between July 1 and July 5 for $135.2 million at an average price of $60,773. The proceeds were used to fund preferred stock distributions and replenish the company’s USD reserve.
The Michael Saylor-founded company also said that for the three months ended June 30, it recorded a loss of $8.32 billion on digital assets.
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