Türkçe
Español
The announcement of a substantial purchase of more than half a billion dollars worth of Bitcoin has been made, but this exciting development is expected to bring a short-term decline. At least, historical data suggests this to be the case. We have often seen a drop in the price of BTC following purchase announcements by Microstrategy. Just a few minutes ago, the same happened again.
Bitcoin Breaking News
According to a recent announcement by Saylor, the company has purchased an additional 14,620 BTC for $615.7 million at an average price of $42,110. This brings their reserve to a total of 189,150 BTC, valued at $5.9 billion, with an average cost of $31,168 per BTC. MSTR shares, which trade like an unofficial Spot BTC ETF, make this billion-dollar reserve significant. For years, Saylor has been transforming his company into a structure based on BTC, and investors hold MSTR in their reserves instead of a spot BTC ETF.
Customers of BlackRock also hold a significant amount of MSTR shares, confirming the appetite for a spot Bitcoin ETF. So, what happens now? Microstrategy’s purchases suggest two things. First, the price is likely to fall, which it did, dropping to $42,700 while this article was being prepared. Second, the levels at which the company makes its purchases often act as strong local bottoms, indicating that BTC could soon rally to new highs without spending much time below the $42,110 level.
