– Bitcoin steadied itself after dropping below the key threshold of $60,000, as Strategy Inc.
Chairman Michael Saylor resumed making purchases of the token
Most Read from Bloomberg The original cryptocurrency climbed as much as 3.8% to nearly $64,200 on Monday, before paring slightly to change hands at around $62,800. Ether, the second-largest token, rose as much as 5.6% at around $1,720. The recovery comes after Bitcoin had slumped roughly 7% to $59,101 on Friday, falling below $60,000 for the first time since Donald Trump won the White House for a second time in 2024.
Strategy’s earlier disclosure of a small Bitcoin sale — its first since 2022 — also contributed to the token’s 18% decline last week, undermining confidence in the company’s model of hoarding the token in perpetuity. Saylor had suggested in a social media post over the weekend that Strategy may announce further Bitcoin purchases, helping to soothe trader nerves. The company announced a purchase of about $101 million in Bitcoin on Monday, with Bitcoin losing some steam shortly after the disclosure.