Microstrategy’s Bitcoin Acquisition and its Impact on Market Trends
Microstrategy, under the leadership of Michael Saylor, recently purchased an additional 5,445 BTC, totaling $147.3 million. This move is speculated to be a key influencing factor behind the positive Coinbase Premium observed in recent times. The timeline of Microstrategy’s Bitcoin purchases seems to align with the cryptocurrency’s price over the past years, often occurring near the top.
This latest acquisition took place between August and September, with an average token price of $27,053. This could potentially explain why uptrends often conclude with their purchase announcements. The market, losing this substantial buying pressure, combined with other investors possibly reacting by selling, could result in a bearish effect on Bitcoin’s price.
The total Bitcoin holdings of Microstrategy now stand at 158,245 BTC, representing a staggering investment of $4.68 billion. However, due to the recent decline in Bitcoin’s value, the company is currently bearing an unrealized loss of more than $550 million.
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