Michael Saylor, former CEO of MicroStrategy, made another major revelation amid the recent market downturn. He informed that MSTR had expanded its Bitcoin holdings further in a bid to become the biggest corporation holding BTC. However, the biggest crypto price dropped by 7% in the last 24 hours.
MicroStrategy set become Bitcoin biggest holder?
As per the document shared by Michael Saylor, MicroStrategy bought another lot of 9,245 Bitcoin (approx worth $623 million). It mentioned that the acquisition was made using proceeds from convertible notes and excess cash. The latest lot of Bitcoin’s average purchase price stood around $67,382.
It highlighted that as of March 18, 2024, MicroStrategy is holding a total of 214,246 Bitcoins. The total acquisition was made for approximately $7.53 billion. This is important to note that the average purchase price of all the Bitcoins stood at roughly $35,160.
Despite MicroStrategy’s continued accumulation of Bitcoin, the crypto market saw a major downturn on Tuesday. Bitcoin price fell almost 7%, while Ether dropped by 6%. This decline marked BTC’s largest one day drop in two weeks. This took BTC price down by 12% in the last 7 days.
Bitcoin is trading at an average price of $62,997, at the press time. However, it went on to touch $62,373 in the early trading hours. Its 24 hour trading volume is up by 54% to stand at $68 billion. It is crucial to note the biggest crypto went on to hit its all time high of $73,750 with a market cap of $1.45 trillion. Meanwhile, it is holding a market cap of $1.23 trillion.
BTC price drop leaves market confused
It is not just Bitcoin that recorded a massive drop in the last 24 hours but every major altcoin saw a decline. The ongoing volatility in the crypto market is linked to profit taking after BTC’s record high. However, it is tagged with concerns about the Federal Reserve’s interest rate policy.
Data shows that tech stocks and crypto related companies like Coinbase, Riot Platforms, Marathon Digital, and MicroStrategy also saw a major impact. The shares dropped by more than 13% over the last day. It seems like the Bitcoin acquisition news didn’t make any big impact on its share price.
Outflows of capital into the largest Bitcoin ETFs have also seen a slow pace over the past few days. This directly reflects a period of market recalibration among investors.
