[Bitcoin Now] Drops to Lowest Level Since Iran War

The price of Bitcoin has fallen to its lowest level since the Iran War. Analysts attribute this decline to the sale of Bitcoin by MicroStrategy, instability in the Middle East, and outflows from spot Bitcoin exchange-traded funds (ETFs), all of which have dampened investor sentiment.

According to Investing.com, as of 2:34 p.m. on June 4, the price of Bitcoin stood at $64,092.8, down 4.79% from the same time the previous day. On this day, Bitcoin dropped as low as $61,000 before recouping some of its losses.

This is a level seen at the outbreak of the Iran War. In February, the price of Bitcoin also fell to $60,000. One of the causes of the current decline is the sale of Bitcoin by MicroStrategy. Recently, MicroStrategy sold 32 Bitcoins for approximately $2.5 million to secure funds for dividend payments.

This is the first time in over three years that MicroStrategy has sold Bitcoin, with the last sale occurring in 2022. Michael Saylor, Chairman of MicroStrategy, had long emphasized via social media that one should never sell Bitcoin, so the market interpreted this sale as a negative signal.

Joshi Du, Chief Investment Officer (CIO) of Animoca Brands, told Bloomberg News, "Market confidence was shaken when MicroStrategy broke its promise to 'never sell,' and as a result, Bitcoin prices are falling this week." He added, "With macroeconomic conditions tightening and oil prices rising, there is a real risk that the $62,000 support level, which has held since the Iran War, could be breached."

Additionally, the continued selling pressure from spot Bitcoin ETFs is believed to have contributed to the downturn. Bloomberg reported that investors have withdrawn about $4 billion from U.S.-listed Bitcoin ETFs over the past 12 trading days, marking the longest streak of consecutive net outflows on record.

This content was produced with the assistance of AI translation services.