Hassan Maishera
TL;DR
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Bitcoin has lost 1% of its value and dropped below $65k.
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MicroStrategy continues its buying spree, acquiring nearly 12,000 bitcoins for $786 million.
BTC Slips Below $65k as MicroStrategy’s Buying Spree Continues
Bitcoin has had a poor week so far and could go into the weekend in the negative zone. The world’s leading cryptocurrency by market cap has lost more than 1% of its value in the last 24 hours and is now trading below $65k.
At press time, Bitcoin’s price stands at $64,553 per coin. The poor performance comes despite MicroStrategy purchasing more Bitcoins. The Michael Saylor-led company bought another 11,931 BTC for $786 million.
Thanks to this latest development, the company now holds 226,331 bitcoins worth just shy of $15 billion. The company's bitcoins were purchased at an average price of $36,798 each, or roughly $8.33 billion.
MicroStrategy is sitting on nearly $7 billion in unrealized profit thanks to its Bitcoin acquisitions over the years. This latest acquisition came after the company's $800 million convertible note offering to institutional investors.
With Bitcoin in the red, altcoins are also underperforming. Ether, the second-largest cryptocurrency by market cap, is down by nearly 2% and is currently trading at $3,515 per coin.
Solana and BNB are down by more than 2% today. With BTC and the major altcoins underperforming, the total cryptocurrency market cap now stands at $2.35 trillion, down by 1% in the last 24 hours.
