The post Bitcoin ($BTC) loses as much as $7,000 on red Monday as MicroStrategy buys again appeared on BitcoinEthereumNews.com.

A huge reversal on Monday saw the Bitcoin price dip as much as $7,000 during the day, liquidating 532,000 traders to the tune of $1.62 billion over the last 24 hours. Is the dip finished? MicroStrategy buys big again. Huge volatility Huge volatility continues to be a thing as Bitcoin bounces around in the rarified air of $100,000. It was only five days ago that the $BTC price nigh on hit $104,000, before plummeting like a stone all the way down to almost $92,000. This $12,000 move in one day has just been followed by a $7,000 reversal on Monday. Rekt traders According to CoinGlass, long traders were ‘rekt’ by $1.41 billion in liquidations, while even short traders suffered a $185.29 million liquidation, for a combined total of $1.59 billion in losses. If there were any positives to be had here, at least it can be said that the leverage was mostly stripped out of the market. MicroStrategy buys big again As a counterbalance to the selling, MicroStrategy bought another large chunk of Bitcoin – 21,550 to be exact. The purchase cost $2.1 billion, bringing MicroStrategy’s total held to 423,650 BTC. Blackrock dominates the U.S. ETF buying While MicroStrategy buys hand over fist, Blackrock’s IBIT Spot Bitcoin ETF is doing the same. The US ETF funds bought a total of 4.78K BTC on Monday, with IBIT accounting for 3.94K of this.  US/Russia about to start a BTC treasury race? The buying of Bitcoin is hotting up on the sovereign front. With the US Treasury possibly planning to buy 76 billion worth of BTC over the next five years, the Russian government is also said to be considering the addition of BTC to its treasury.  Anton Tkachev, the Russian Deputy who is proposing the creation of a Bitcoin reserve, said that…

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Filed under: News - @ December 11, 2024 5:23 am