Bitcoin Falls to the $58,000 Range as Strategy Inc Hints at Possible Sale [Crypto Briefing]

[Financial News] Bitcoin fell to the $58,000 range on the 1st. The decline appears to have been driven by Strategy Inc, the largest holder of Bitcoin, signaling a possible sale.
According to global crypto data platform CoinMarketCap, Bitcoin was trading in the $58,000 range at 10:10 a.m., down 2.59% from the previous day on a 24-hour basis. Over the past week, Bitcoin has fallen 7.38%.
Bitcoin is trading in the 89 million won range in the Korean won market. Based on global crypto market comparison platform Cryprice, the Korea premium stands at -2.14%.
Bitcoin plunged after Strategy Inc recently announced a revised funding strategy. The company said it could sell up to $1.25 billion worth of Bitcoin to secure cash. It also plans to introduce a stock buyback and preferred share repurchase program worth up to $1 billion.
Institutional funds are also continuing to flow out. According to CoinMarketCap, institutions have been net sellers of Bitcoin ETFs for eight consecutive trading days from the 17th to the 29th of last month.
The Crypto Fear and Greed Index provided by CoinMarketCap stood at 16 on the day, indicating "extreme fear." The index ranges from 0 to 100, with values closer to 0 interpreted as "extreme fear" and those closer to 100 as "extreme greed."
At the same time, Ethereum was trading in the $1,565 range, down 1.62% from the previous day. Ripple was trading in the $1.03 range, down 1.51%.

yimsh0214@fnnews.com Lim Sang-hyeok Reporter