Bitcoin’s (BTC) price is slumping to start August on news that Strategy (MSTR) sold more of its cryptocurrency holdings.
Digital assets were shaken over the past 24 hours by the revelation that Strategy sold 1,638 Bitcoin during the past week.
The sales, made at an average price of $63,957 U.S., netted Strategy proceeds of $104.76 million U.S.
It was Strategy’s third Bitcoin sale of the year as the company looks to use the proceeds to fund dividends and buybacks on its preferred stock (STRC).
However, Strategy, which is run by Chairman Michael Saylor, had previously vowed never to sell any of its Bitcoin holdings and the recent sales have unnerved many crypto investors.
Bitcoin’s price has slumped to $63,750 U.S. to start August after ending July near the resistance level of $65,000 U.S.
The price of Bitcoin is also under pressure after it was revealed over the weekend that a hack had targeted multiple cold wallets that contain BTC tokens.
Media reports say that $114 million U.S. worth of Bitcoin has been removed from 5,200 addresses since July 30 due to a widespread cold wallet hack.
The “Crypto Fear & Greed Index” has fallen to a reading of “extreme fear” over the past 24 hours following reports of the cold wallet hack and Strategy’s Bitcoin sales.
Bitcoin’s price has been cut in half since hitting and all-time high of just over $126,000 U.S. last October.
