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June 28, 2022
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MicroStrategy “buys the fall” of Bitcoin and adds 13,005 more BTCs to its portfolio

MicroStrategy definitely knows how and when to buy Bitcoin drop

On Monday, Bitcoin opened with a value of $35,559, after which it dropped to $31,000. This represented a perfect opportunity for holders like MicroStrategy to buy more Bitcoin (the company announced an additional investment of ~$489 million). According to company CEO Michael Saylor, MicroStrategy purchased 13,005 BTCs at an average price of ~$37,617 per Bitcoin.

“MicroStrategy purchased an additional 13,005 bitcoins for ~$489 million in cash at an average price of ~$37,617 per bitcoin. On 06/21/21, we #hodl ~ 105,085 bitcoins purchased for ~$2.741 billion at an average price of ~$26,080 per bitcoin.”

According to company announcement, it now held more than 105,085 bitcoins, which were acquired for an aggregate purchase price of approximately $2.741 billion.

The Bitcoin market has witnessed a difficult correction due to the continued crackdown on China’s cryptocurrency trading and mining operations. On Monday, People’s Bank of Chinaa advised its banks not only to discourage crypto payments, but also to report cryptocurrency exchanges and over-the-counter resellers [OTC]. These growing restrictions within the country have resulted in the fall of the Bitcoin hashrate.

Bitcoin’s price dropped to $30,000 in May during the sudden drop and was the lowest price point for the digital asset in the recent past. MicroStrategy recently raised $500 million in bonds to acquire more Bitcoin and signaled positive sentiments from institutional investors about the future of the digital asset. This made MicroStrategy the company with the largest share of Bitcoin, followed by Tesla and Square.

The Bitcoin market has responded positively to this news as the price has jumped from $31k to $32k at the time of this writing.

Source: AMBCrypto

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