The post Michael Saylor’s Latest Bitcoin Bet Down by $62 Million, Will It Recover? appeared on BitcoinEthereumNews.com.

Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. MicroStrategy, the business intelligence firm whose appetite for Bitcoin (BTC) remains insatiable, recently bought more BTC. The purchase, which cost the firm approximately $561 million for 5,262 BTC, was made at an average price of $106,662 per BTC. Bitcoin’s price drop implications for MicroStrategy Given recent developments in the broader cryptocurrency market, it is easy to tag this recent purchase a wrong move. Generally, the Bitcoin price is facing volatility as the leading digital asset struggles to breach the historic $100,000 mark and flip it as support. Related As of this writing, Bitcoin is trading at $94,238.21, up by 1.52% in the last 24 hours. Despite its trading volume surging by 34.12% to $54.58 billion, investors’ confidence has not impacted the price. This slump in Bitcoin’s price has set MicroStrategy back by over $65 million from its last purchase alone. At BTC’s current rate of $94,238, MicroStrategy has suffered a loss of $65,375,088. This is significant given that MicroStrategy is always ahead, with huge profit margins in previous purchases. As this stands, unless Bitcoin rebounds quickly enough, MicroStrategy could have a lot of loss to deal with. MicroStrategy’s financing and obligations It is worth noting that MicroStrategy’s Bitcoin purchases are made with capital raised from issuing convertible notes, securing credit lines, selling shares and using corporate bonds. It…

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Filed under: News - @ December 24, 2024 1:26 am