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MicroStrategy Buys Additional Bitcoin For $10 Million USD
While Bitcoin (BTC) price struggles below $45,000 USD, MicroStrategy is stacking up more coins in the dip. On Tuesday, the publicly traded business intelligence company announced it purchased additional Bitcoin, worth about $10 million USD.
MicroStrategy Now Holds Over 92k Bitcoin in Reserve
On Tuesday, MicroStrategy purchased an additional 229 Bitcoin at an average value of $43,663 USD per coin, according to the tweet by the CEO, Michael Saylor.
Following this recent purchase, MicroStrategy currently holds 92,078 BTC in its reserve, remaining one of the largest corporate Bitcoin investors. Just last week, the company acquired 271 BTC for $15 million USD, at an average of $55,387 per Bitcoin. This follows Tesla’s announcement that it has suspended accepting Bitcoin payments for its vehicles over environmental concerns.
The massive correction in the price of Bitcoin, however, didn’t deter MicroStrategy from buying the dip. This goes to show how confident the company is regarding Bitcoin.
BTC Dominance Drops to 40%
For the past few days, Bitcoin has been struggling below $50,000 USD, as people panic-sold their holding. The cryptocurrency was trading at $43,644 USD on CoinMarketCap, during the time of writing. Its market capitalization has dropped down below $1 trillion amid the massive price decline. BTC shaded about 22.61 percent in value over the past seven days.
Meanwhile, Bitcoin’s dominance has also dropped to 40 percent. On the other hand, there has been a rise of altcoins.
Author
Ibiam Wayas
Ibiam is an optimistic crypto journalist. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.
