The recovery in bitcoin stalled Tuesday even after Strategy (MSTR) bought more of the largest cryptocurrency following its end-May sale.
Bitcoin was recently trading near $62,600, little changed from Monday. This follows Sunday’s 4% bounce, which briefly took prices above $64,000 on some exchanges, including Coinbase.
Strategy, the largest publicly listed bitcoin holder, said Monday it had bought 1,550 BTC for $101 million, bringing its total stockpile to 845,256 coins. While that’s about 48 times the 32 BTC it sold in the final days of May, the purchase failed to stir the token’s price.
BTC’s immobility isn’t doing any good to the broader market either. The CoinDesk DeFi Select Index has dropped 1.8% in 24 hours and the…
