Bitcoin falls below $80,000, Strategy suspends purchases, Fed cautiously puts pressure

Bitcoin extended recent losses on Tuesday, falling below its recent trading range after Strategy, the largest corporate holder of the currency, suspended purchases of the cryptocurrency. At the same time, market caution regarding this week’s Federal Reserve meeting has also caused investors to generally avoid speculative assets such as Bitcoin. Overall prices in the cryptocurrency sector also fell sharply on Tuesday.
At 1:43 a.m. Eastern Time (13:43 Beijing time), Bitcoin fell 0.5% to $79,830.3.
Falling oil prices failed to provide a significant boost to the cryptocurrency market, while an overnight stock market rally led by technology stocks provided limited support for cryptocurrencies.
Bitcoin’s losses on Tuesday took it below the $80,000 to $87,000 trading range that has been established over the past month.