MicroStrategy buys another Bitcoin for $10 million!
Bitcoin price suffers below $45,000. But MicroStrategy is stacking up even more coins in the drop. Last Tuesday, the publicly traded business intelligence company revealed that it purchased additional Bitcoin, amounting to around $10 million.
MicroStrategy Holds more than 92k Bitcoin in Reserve
Last Tuesday, MicroStrategy purchased additional 229 Bitcoins at a value of $43,663 per coin.
After his latest purchase, MicroStrategy now holds 92,078 Bitcoin in its reserve. It is now one of the biggest corporate Bitcoin investors. Last week, the company acquired 271 Bitcoin for $15 million, at an amount of $55,387 per Bitcoin. This comes after Tesla’s revelation that it has stopped accepting Bitcoin payments for its vehicles because of environmental concerns.
Bitcoin’s price dip didn’t deter MicroStrategy from buying the dip. This just shows how confident the company is with Bitcoin.
Bitcoin Dominance Drops by 40%
In the last few days, Bitcoin struggles below $50,000, as the people panic-sell their holdings. As of now, the largest cryptocurrency trades at $40,803. Its market capitalization then dropped to below $1 trillion among the massive price decline. Bitcoin shed around 22.61% in value in the last seven days.
Bitcoin’s sovereignty also dropped to 40%. However, altcoins are rising.
Bitcoin’s Downfall?
There are some factors that may have affected the dip:
Tesla cancels the option to pay in BTC
Tesla’s suspension of Bitcoin payments because of energy implications gathered many responses from the industry. Saying that the network could be operated in a sustainable way. Green Bitcoin initiatives have started popping up.
The suspension of Bitcoin payments to its extreme power consumption sparked a Bitcoin sell-off that dropped 13% in 24 hours.
Environmental issues for Bitcoin mining
A New York-based bitcoin mining operation, Greenidge Generation, announced that they will be carbon neutral in June after the media storm that got a lot of people talking about the environmental impact of cryptocurrency mining.
Cryptocurrency trading is still high-risk and high reward. Panic selling is not a best move as of now, for big companies still buy the dip.
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