The world’s largest corporate Bitcoin (BTC) investor, MicroStrategy, announced it has continued to firmly hold its title by purchasing approximately 9,245 BTC between March 11 and March 18, 2024. The latest Bitcoin purchase announcement came from MicroStrategy’s Founder and Chairman of the Board, Michael Saylor.
Michael Saylor Announces Purchase
The Founder and Chairman of the Board of MicroStrategy, Michael Saylor, announced the company’s latest BTC purchase from his personal X account. In the tweet about the purchase, Saylor stated, “MicroStrategy has acquired an additional 9,245 BTC for approximately $623 million at an average price of about $67,382 per Bitcoin, using the proceeds from convertible notes and excess cash.”
With this latest acquisition, the value of MicroStrategy’s BTC assets has reached approximately $7.53 billion. The company now holds 214,246 BTC with an average purchase price of $35,160.
Bitcoin Continues to Fall
On the other hand, Bitcoin has continued to trend downward since reaching an all-time high (ATH) of $73,750 on March 14. Since that date, the largest cryptocurrency has lost over 14% of its value and is trading at $63,270, down 7.03% in the last 24 hours at the time this article was prepared.
Analysts and experts warn that market volatility will be high ahead of the Fed’s interest rate decision on March 20, and sharp price movements in both directions could be seen, but a final bottom price level has not yet been determined.
Some analysts consider $63,000 to be a bottom region and expect the price to rise again after consolidating and gathering strength. However, there are also analysts who suggest that the ultimate bottom could be seen below $60,000.
