Crypto Market Woes Continue: Bitcoin Hits $99,876, Drops Below $96K Shortly After
Early on Thursday, Bitcoin increased by 0.32%, reaching an intraday high of US$99,876.70 in Singapore. However, it dropped by 2.34% once again, trading at $95,708 at the time of writing. Likewise, major cryptocurrencies such as Ether, Solana, and Dogecoin have also tried to recover a bit from the significant declines of the previous day. The global crypto market cap also continues to fall. At the time of writing, it is $3.33T, down 2.72% in the last 24 hours.
MicroStrategy’s $561M Bitcoin Buy Fuels Market Optimism
The recent filing by MicroStrategy Inc. with the U.S. Securities and Exchange Commission is associated with the rise in the value of Bitcoin. The software company MicroStrategy, which is now a major Bitcoin investor, recently purchased US$561 million worth of the cryptocurrency.
This most recent acquisition solidifies MicroStrategy’s status as the largest corporate holder of Bitcoin, increasing its total holdings to over 160,000 BTC. The company’s audacious investing approach demonstrates its steadfast faith in Bitcoin as a long-term asset class. High-profile acquisitions like this, according to analysts, can improve market sentiment, possibly drawing in additional institutional investment and accelerating price movement in the weeks ahead.
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