Bitcoin Dives Below $70K as Saylor's Betrayal and Geopolitical Tensions Bite

Bitcoin's price plummeted below $70,000 on Tuesday morning as a combination of factors weighed on the market. The cryptocurrency was trading at around $69,300, down nearly 5% in the last 24 hours.

Retail sentiment around Bitcoin continued to trend in the 'extremely bearish' territory over the past day, with chatter surging to 'high' from 'normal' levels. In contrast, Ethereum held up relatively well, slipping just 0.6% in the same period.

Michael van de Poppe, founder of MN Fund, believes that Bitcoin is beginning to lose market share to Ethereum, a trend he thinks could pave the way for an 'altcoin summer.' If this continues, money may start flowing into a wider range of altcoins, similar to what happened before the big crypto rally in 2020-2021.

The downward pressure on Bitcoin was further exacerbated by Mt. Gox's transfer of 10,422 BTC worth $739 million to a new wallet. This move added to the market uncertainty and contributed to the price drop.