Bitcoin continued its downward trend on Sunday, falling beneath $87,000 as a new wave of liquidations hit the crypto market, erasing around $200 million in leveraged positions within the last hour, according to Coinglass data.
As of this writing, the price of bitcoin is $86,751, reflecting a decline of approximately 2% in the last 24 hours, based on market data.
Trading volume reached about $38 billion, with BTC down by 4% from its seven-day peak of nearly $89,935, hovering just above its weekly low of approximately $87,152.
The circulating supply of BTC now stands at 19.96 million, with a capped maximum of 21 million, resulting in a market capitalization of about $1.73 trillion, which is down 2% for the day, according to Bitcoin Magazine Pro data.
This recent decline follows another difficult weekend for price movements. Bitcoin dropped from the low-$92,000 range on Thursday to weekend lows approaching $87,000, as thin liquidity and ongoing sell pressure dampened risk appetite.
The significant dip below $90,000 occurred during typically illiquid trading on Sunday, intensifying volatility as traders remained cautious ahead of a busy week featuring U.S. economic data releases and central bank events.
Strategy acquires $1 billion in Bitcoin
Strategy, the largest publicly traded holder of BTC, purchased nearly $1 billion in bitcoin last week, acquiring 10,645 BTC at an average price of $92,098 each.
This purchase marks the company’s second consecutive major acquisition, raising its total holdings to 671,268 BTC, acquired for $50.33 billion at an average cost of $74,972 per coin.
The acquisition was mainly financed through equity issuance, raising $888.2 million from common stock sales, while the remaining funds came from STRD preferred shares, despite ongoing concerns among shareholders about dilution.
Historically, the company’s weekly purchases have been modest due to fundraising limitations, but Executive Chairman Michael Saylor has recently accelerated acquisition efforts, indicating renewed confidence despite market fluctuations.
Additionally, Strategy will continue to be part of the Nasdaq 100 and has pushed back against MSCI’s proposed digital asset threshold, which might exclude BTC treasury firms from benchmarks.
Critics argue that Strategy resembles a bitcoin investment vehicle more than a software company, but Saylor remains unrepentant.
The firm reports a year-to-date BTC yield of 24.9%, highlighting its commitment to accumulating BTC irrespective of short-term market conditions.
At the time of this writing, Bitcoin trades at $86,770.
