Bitcoin fell 0.9% to $77,897.30 by 05:21 ET on Tuesday, paring gains from Monday’s advance that had pushed the token near recent peaks. The decline followed August’s 25% rally, the strongest monthly performance since November 2024.
Ether held steady at $2,448.01, while XRP slipped 0.6% and Solana dropped 1%. Cardano and BNB traded sideways, and Dogecoin fell 0.5%. The memecoin $TRUMP declined 1.8%.
Strategy Inc., the largest corporate holder of Bitcoin, said it purchased 4,603 coins last week for approximately $368.7 million. The purchase marked the company’s first Bitcoin acquisition since late June, ending a two-month hiatus. Funds were raised through a $602.8 million common stock sale, with the remainder allocated to redeeming Strategy’s STRC preferred shares. The transaction increased the company’s total Bitcoin holdings to 845,050 coins.
Macro headwinds weighed on broader market sentiment. Federal Reserve Chair Kevin Warsh’s recent hawkish remarks, emphasizing the central bank’s 2% inflation target, reinforced expectations for a September rate hike. Bond market volatility added to uncertainty. Geopolitical risks persisted after U.S.-Iran military strikes, the first in a month, while oil prices climbed amid reduced shipping traffic through the Strait of Hormuz, a key chokepoint for global crude flows.
