Dollar Strength and Strategy's Sale Plan Converge to Weigh on Crypto Market

The crypto market took a hit on Tuesday as a stronger US dollar and quiet on-chain demand weighed on prices. Bitcoin traded around $59,514, down 0.3% over 24 hours and 7% on the week, holding below its 200-week moving average for an extended period.

According to Glassnode data, active addresses remained at 618,000, squarely in the middle of its recent range rather than breaking higher despite Bitcoin trading at its lowest levels in nearly two years. The value of coins moving across the network held near $4.2 billion, just above the bottom of its recent range around $3.6 billion.

The Japanese yen sank to a 40-year low, lifting the US dollar broadly and keeping pressure across digital assets. Strategy's disclosure that it may sell more than $1 billion in Bitcoin has added a fresh source of caution to an already thin market.