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Bitcoin rose slightly on Tuesday,
remaining in a narrow trading range after Strategy, the largest corporate cryptocurrency holder, disclosed it had sold some of its holdings in recent weeks.
Conflicting signals regarding US-Iran negotiations, as well as weak corporate earnings reports, fueled overall market caution, keeping cryptocurrency markets in narrow ranges.
Bitcoin rose 1.8% to $63,755.1 as of 9:29 AM. The world's largest cryptocurrency briefly crossed the $64,000 mark earlier in the day.
The world's largest cryptocurrency came under pressure following the high-profile hack of cold wallets at Canadian company Coinkite. Cold wallets are traditionally considered the most secure way to store cryptocurrency, but the hack resulted in the theft of nearly $90 million worth of Bitcoin, according to data.
Strategy Sells $105 Million in Bitcoin
Strategy Inc (NASDAQ:MSTR) disclosed on Monday the sale of 1,683 Bitcoins for approximately $104.7 million last week.
This marks the company's third such Bitcoin treasury transaction, reducing its holdings to 842,138 coins as of Tuesday.
The sale was disclosed several days after Strategy posted a larger-than-expected second-quarter loss. The loss was primarily due to unrealized losses on Bitcoin positions, as the average purchase price is $75,419 per coin—significantly above the current market price.
Disappointing results from cryptocurrency exchange Coinbase Global Inc (NASDAQ:COIN) also weighed on sentiment in the sector.
The broader cryptocurrency market rose slightly on Tuesday, with no clear positive catalysts for the sector.
Ether, the world's second-largest cryptocurrency by market capitalization, gained 0.7% to $1,856.84, while XRP rose 0.5% to $1,0738.
Solana rose 1.2%, Cardano gained 6.6%. BNB rose 1.1%.
Dogecoin and $TRUMP rose 1.1% and 1.8%, respectively.
Markets analyzed conflicting signals regarding the conflict between the US and Iran: President Donald Trump announced continued negotiations with Iran, while Tehran generally denied any negotiations.
However, the US appears to have suspended military action against Iran, fueling some optimism about the conflict's end. Oil prices fell sharply this week.