The price of the leading cryptocurrency Bitcoin has dropped to $31,700 today. Although this decline created a panic atmosphere in the market, it is seen that companies such as MicroStrategy consider this situation as a buying opportunity. According to the company’s CEO, Michael Saylor, the company purchased 13,005 BTC at $37,617.
According to the company’s statement, MicroStrategy currently holds over 105,085 Bitcoins, with a total purchase price of approximately $2,741 billion.
The Bitcoin market is witnessing a hard correction due to the continued pressure placed on mining operations and cryptocurrency transactions in China. On Monday, the People’s Bank of China said in a statement that it will block the transactions of OTC businesses and cryptocurrency exchanges in addition to cryptocurrency transactions. These increased restrictions within the country have caused Bitcoin’s hash rate to drop.
Bitcoin price, on the other hand, saw $30,000 in May and $31,700 today during the sudden drop. Therefore, $30,000 is currently considered an important resistance point for BTC price.
In addition, MicroStrategy recently raised $500 million in bonds to buy more Bitcoin, signaling positive sentiment from institutional investors about the future of the digital asset.
Lion’s Share MicroStrategy
According to the statements made, with the last purchase, MicroStrategy currently has the lion’s share among the companies that have Bitcoin within the company. It is stated that MicroStrategy is followed by Tesla and Square.
On the other hand, according to the latest tables, the Bitcoin price has recovered somewhat with the move of MicroStrategy, and the price is trading above $32,600 as of the writing of the article.
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