Bitcoin Slightly Strengthened, Though Caution Remains on the Market

Bitcoin's price increased by 1.9% on Tuesday, reaching $63,749. During the day, the cryptocurrency briefly surpassed the $64,000 mark, though trading continues to move within a narrow range.

Market caution is being fueled by both uncertainty surrounding US-Iran negotiations and weak financial results from companies, which is limiting investor demand for risky assets.

Additional pressure came from a security incident at Canadian crypto custody provider Coinkite. As a result of a hacker attack, approximately $90 million worth of Bitcoin was stolen from the company's so-called "cold wallets," which are considered the most secure form of storage.

Meanwhile, MicroStrategy (formerly MicroStrategy) announced that it sold 1,683 Bitcoin last week for approximately $104.7 million. This is the third instance of the company selling Bitcoin in recent period, reducing its crypto assets to 842,138 Bitcoin.

The sale was executed after MicroStrategy reported a larger-than-expected loss in the second quarter. According to the company, the loss was primarily caused by unrealized losses recorded on its Bitcoin portfolio, as its average purchase price stands at $75,419 per Bitcoin, which is significantly higher than current market prices.