India, June 2 -- Bitcoin slipped below the $70,000 mark for the first time since April 8, as selling activity from its largest institutional holder, Strategy (formerly MicroStrategy), added pressure to the cryptocurrency market.

The world's largest cryptocurrency declined to $69,690 early on Tuesday, marking a drop of more than 3.8% from the previous session. Bitcoin is also down over 8.4% compared to the previous week, according to Forbes.

According to reports, Strategy disclosed in a U.S. Securities and Exchange Commission (SEC) filing that it had sold 32 bitcoins in the last week of May to raise approximately $2.5 million for dividend payments to shareholders. The average sale price of the tokens was around $77,135 per bitcoin.

This...