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MicroStrategy looks to hire a Bitcoin software engineer

  • MicroStrategy wants to hire a Bitcoin software engineer to build a software-as-a-service (SaaS) platform on the Lightning Network.

MicroStrategy, a top business intelligence firm that’s the largest corporate holder of Bitcoin (BTC), is looking to hire a software engineer to help build a Lightning Network-based enterprise platform.

Bitcoin software engineer to build SaaS platform 

On Friday, the US-based technology company announced it was on the hunt for an individual who will be tasked with developing a software-as-a-service (SaaS) platform. 

According to the firm, the new platform will offer innovative solutions around cyber-security challenges to enterprises as well as enable new e-commerce use-cases.

The engineers at MicroStrategy are working on some exciting new Lightning apps to help our enterprise customers secure networks, monetize websites, and deploy wallets en masse using Bitcoin,” MicroStrategy Executive Chairman Michael Saylor tweeted, urging those interested in joining the team to apply for the position.

Among other qualifications, one is required to have experience in developing software solutions that leverage the Bitcoin blockchain and Lightning Network, or decentralised finance (DeFi) technologies.

Saylor left his role as MicroStrategy CEO early last month to become the Executive Chairman, stating at the time that he was taking the step to focus more on the company’s Bitcoin strategy. 

Just this month, the company purchased an additional 301 bitcoins to bring its total holdings to 130,000.

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Bitcoin retests key $20K level- can bulls get a higher close?

Bitcoin price rose sharply again on Friday as a dose of volatility helped BTC add nearly $1,000 within hours to top the $20,000 mark. Indeed, the BTC/USD pair rose as high as $20,182 on crypto exchange Coinbase – up from an intraday low of around $19,154 reached earlier in the day.

The price update below shows one instance where price had increased by over $800 in 24 hours.

The upside for the flagship crypto asset cascaded across the altcoin market, with Ethereum also seeing a swift jump to above $1,370 and Ripple’s XRP holding to most gains after ripping higher earlier on another score for the company is its case with the US Securities and Exchange Commission (SEC).

Elsewhere, the US stock market also opened slightly higher, although the muted move is not helped by the prevailing negative sentiment. The S&P 500 trades at levels not seen since 2020 and as is likely, it could slip lower to end the brutal Q3 in the red.

Can bulls see a higher BTC monthly close?

September has been a brutal month across the risk assets market, with Bitcoin oscillating around the $20k level with some painful dips towards the $18,000 support area.

Now with the normal market session just hours away from the monthly close, the attention could be on whether bulls can avoid a second consecutive red month. As seen on the chart below, BTC is about 1.8% in the red, with August seeing the cryptocurrency dump more than 13%. 

Bitcoin has had a red month in four out of the last five, with the last one ending with BTC/USD just above the critical $20k. 

BTCUSD monthly price chart. Source: TradingView

 

A higher monthly candle close Friday could set up fresh bids for the weekend and push BTC/USD higher. It’s an outlook that’s likely if $19,600 holds and a push for $20,300 opens up the $22,000 resistance line.

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Bitcoin price: Analyst doesn’t expect long lasting decoupling ‘at this stage’

Bitcoin continues to hold above the $19,000 mark even as currency woes wreaked havoc across stocks and other legacy markets this week.

After dipping to lows beneath $18,600, Bitcoin bounced as high as $20,300 before paring the gains amid a highly volatile market that also saw the S&P 500 Index notch losses that puts it on course for three consecutive quarterly losses. It’d be the first time the index has registered this kind of performance since 2009.

BTC/S&P 500

If stocks face another sell-off and the tumbling continues in the face of a Fed tightening and concerns of a recession, Dylan Leclair, a senior crypto analyst, says the market could see a BTC outperformance against equities.

According to the analyst, Bitcoin’s “relative strength” against legacy indices has been encouraging, pointing to a BTC/S&P 500 chart.

While he doesn’t expect the “decoupling” to be long lasting given broader market conditions, he still thinks the benchmark cryptocurrency could master a decent run against the index. What investors might have to watch out for, he tweeted, is what happens next within the legacy financial markets – equities, FX and global bonds.

The analyst however warns of a potential sell-off for Bitcoin should there be a “huge illiquidity event.” He said:

Still convicted in my view of a legacy system vol event coming – it’s clear that liquidity tide is drawing out. BTC/USD exchange rate won’t be insulated from a huge illiquidity event, because nothing except USD & vol will.”

Bitcoin was trading around $19,260 on Friday morning (09:45 am ET), just in the green on the day but down 1.2% this past week. The S&P 500 opened higher lower and was at 3,634, more than 1.4% down in the past five days. 

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September roundup: Merge comes and goes, markets lag and macro does its thing

 Someone wake up Green Day, because September is about to end.

So, what happened this month in crypto? And how do we look as we turn the page to October?

Bitcoin and Ethereum lag

Nothing too major, but Bitcoin and Ethereum trended down over the month. Interestingly, Bitcoin drew down more than Ethereum, which is unusual compared to the pattern we have seen historically, where Ethereum is generally the more volatile of the two.

 The Merge was the big news, of course, as Ethereum completed the biggest blockchain upgrade in history on September 15th. The event came and went without a hitch, although pricing didn’t do much – suggesting it was priced in ahead of time, as many suspected.

In the short-term, there is not much the Merge has affected regarding price, but it will be fascinating to track going forwards now that the pipeline underworking the Ethereum ecosystem has been completely transformed.

I’ve written before about my thoughts that the staking yield could even act as a “risk-free” proxy for the world of De-Fi, helping provide a framework for valuations and laying the groundwork for ETH to mature even more.  

 The groundwork should also allow Ethereum to decouple from Bitcoin. I have long viewed Bitcoin as money and Ethereum as tech, and I think this move further accentuates the dichotomy – money needs proof of work, but the base of a DeFi system does not.

But these are long-term considerations and in the medium-term, we are still very much correlated.

On-chain

Let’s jump on-chain to see any notable indicators that jumped out to me over the month.

Firstly, given Ethereum completed the aforementioned Merge, there is obviously no more need for miners on the network. This is the exact opposite of ground-breaking news, but it is still cool to see the hash rate drop to zero in the below chart.

IntoTheBlock shows a neat graph below of the net issuance of ETH dropping after the Merge. It has not fallen to deflationary, which was a narrative many had pushed in the leadup to the Merge.

As I said in previous analyses, I believe this was more a case of naively following a “deflationary means price go up and I want price to go up so I will say ETH will be deflationary” kind of logic. But again, Merge went perfectly and it’s cool seeing the issuance rate drop so drastically.  

However, perhaps more sombrely is Ethereum fees dropping 80% quarter over quarter. This is for no other reason than a good old-fashioned fall in demand. The macro situation remains absolutely abhorrent and it follows that demand for the network is down (I’m likely being a little harsh as Layer 2’s are partially exacerbating this fall in fees but it is largely due to an overall fall in demand).

Flicking over to Bitcoin, the percentage of long-term holders – aka diamond handers – continues to creep back up towards its all-time high of close to 64%, set this time last year. The data shows that this demographic – defines as those holding Bitcoin for longer than a year – remain unmoved, and this latest bearish month is no different.

Mining

I was curious as to whether there would be an increase in the hash rate on Bitcoin following the Ethereum merge.

Looking at the graph below, showing the last three months, there does not appear to be much movement. This makes sense, I suppose – there are other coins which miners are able to flick over to easier with their equipment rather than Bitcoin.

Top of that list is good old Ethereum Classic – a coin which I had largely forgotten about until I noticed its hash rate had ballooned to an all-time high on the date of the Merge, nearly 4Xing overnight.

Conclusion

In truth, this month was about the Merge and nothing more. We can talk about on-chain indicators all we like, and as a blockchain junkie myself, I am more than happy to do so.

But the reality is that in the short term, the only thing that matters for crypto is the macro situation. The lack of activity on price around the Merge proves this.

Crypto has been, and will continue to, trade like leveraged bets on the S&P 500 going forward. So strap in and tune in to the words of Jerome Powell, because that is all that really matters until we get some macro momentum again and things can start to move.

Welcome back, Green Day.

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Bitcoin slips below $19k once again, but can it recover its $20k resistance level soon?

Bitcoin recovered its $20k resistance level yesterday but couldn’t maintain it as the broader market embarked on a bearish run.

Bitcoin, the world’s leading cryptocurrency, has been underperforming over the last few hours. It has lost more than 7% of its value in the last 24 hours despite starting the week positively.

The poor performance coincides with that of the broader cryptocurrency market. The total crypto market it currently stands below $920 billion, down by more than 5% in the last 24 hours.

Bitcoin reached the $20k mark earlier this week after performing well. However, the bears regained control of the market, and BTC is now trading at around $18,700 per coin. 

Ether, the second-largest cryptocurrency by market cap, briefly surged past the $1,300 resistance mark earlier this week. However, it is now down by more than 7% in the last 24 hours and is trading around $1,280 per coin.

Key levels to watch

The BTC/USD 4-hour chart is turning bearish as Bitcoin is relinquishing some of the gains it accumulated earlier this year. The technical indicators show that Bitcoin is currently underperforming against the broader market.

BTC/USD Chart By TradingView

The MACD line remains above the neutral zone but could soon fall into the negative region if the bearish trend continues.

Furthermore, the 14-day relative strength index of 41 shows that Bitcoin could enter the oversold region if the bears remain in charge.

At press time, BTC is trading at $18,717 per coin. If the bearish trend continues, Bitcoin could dip below the first major support level at $18,298 over the next few hours.

Bitcoin has managed to stay above $18k in recent weeks, and the bulls could defend their position above that price in the near term.

The bulls could also regain control of the market before the end of the week and push Bitcoin towards the $20k psychological level once again. 

However, unless there is an extended bullish run, Bitcoin should steer clear of the $20,819 resistance level over the next few days. 

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Microstrategy hold almost 1% of all Bitcoins, more than all public companies combined

Key Takeaways

  • Filings by MicroStrategy place its Bitcoin holdings at 130,000 bitcoins, worth $2.5 billion, following latest buy this week
  • This constitutes 0.62% of the total Bitcoin supply
  • Other 36 public companies that have invested in Bitcoin have combined holdings equating to 0.61%
  • Holdings pale compared to anonymous founder Satoshi Nakamoto, who has 1 million bitcoins equating to approximately 5.2% of total supply
  • Private company Block.one, who are behind the cryptocurrency EOS, holds even more bitcoins than MicroStrategy, with 140,000 bitcoins equating to two-thirds of one percent of the total supply
  • Tesla sold 75% of its holdings earlier this year, currently holding 10,725 coins

As Bitcoin adoption has steadily increased, attention has turned towards what companies are holding it on their balance sheets. Thrown into the mainstream by Tesla’s high-profile purchase last year, a slow but steady stream of companies have bought Bitcoin in the hopes it will appreciate long-term, as well as provide diversification benefits. 

We wanted to assess which public companies hold the most Bitcoin, so we jumped into the data. 

1. Microstrategy 

Look up MicroStrategy on Wikipedia and you will see the description of the company as “business intelligence, mobile software and cloud-based services”. 

In reality, they are a Bitcoin holding company. 

Pulling up their balance sheet, their revenue last year was $510 million. Meanwhile, they currently hold five times that value – $2.5 billion – on their balance sheet in the form of Bitcoin, following yet another purchase this week of 301 bitcoins. 

Co-founder Michael Saylor is the man driving the vision, and his thoughts on Bitcoin sometimes verge on religious worship.

“Bitcoin is a swarm of cyber hornets serving the goddess of wisdom, feeding on the fire of truth, exponentially growing ever smarter, faster, and stronger behind a wall of encrypted energy”.

2. Galaxy Digital Holdings

Galaxy Digital Holdings come in next in the standings, although with holdings worth only $750 million, their stake is three times smaller than MicroStrategy. 

It makes sense for the financial services company to have a lot of Bitcoin – it specialises in digital assets meaning, unlike MicroStrategy, its business is connected to the world’s biggest cryptocurrency.

3. Voyager Digital 

In third place is Voyager Digital with $232 million of Bitcoin. 

Perhaps Voyager, more than any other, symbolises quite how bad markets have been this year for Bitcoin. The crypto lender filed for bankruptcy protection in July after the contagion crisis led a wave of withdrawals which it didn’t have enough liquidity on hand to honour. 

4. Tesla

Tesla shocked the market when it bought a big bag of Bitcoin, worth $1.5 billion, last year. However, they announced in quarterly filings earlier this year that they sold 75% of this amount and currently their stack is worth only $200 million.

This constitutes only about 0.05% of the total supply, the move to sell originally being driven by environmental concerns around Bitcoin mining, which is obviously close to the bone for the electric-vehicle carmaker. 

For what it’s worth, Elon Musk said in March that he would not personally sell his Bitcoin (nor Ethereum or Doge). Then again, the richest man in the world says a lot of things on Twitter, I think it’s fair to say. 

Some critics point toward a large amount of Bitcoin’s capped supply being held by a small number of wallets. The concern is that these wallets could have an undue impact on the network as a result.

Looking at public companies, this concern does not appear significant outside of MicroStrategy’s 0.62% stake. 

Block.One 

Interestingly, looking at private companies, there are some large known wallets. The most notorious is Mt Gox, holding 141,686 bitcoins, translating to 0.675% of total supply – some of which will be distributed to customers who were hacked in the infamous scandal years ago, following the conclusion of long-running court proceedings. 

However, Block.one, the firm behind the cryptocurrency EOS, holds 140,000 bitcoins – larger than even MicroStrategy’s holdings and just behind Mt. Gox. IOnterestingly, there is not as much chatter about the company’s massive reserves compared to the other whales on this list. 

The graph below puts together both public and private companies’ holdings. 

Their staggering amount of Block.One’s holdings constitute about 0.67% of the total supply of Bitcoin. 

In conclusion, MicroStrategy is the runaway leader in terms of Bitcoin holdings amongst public companies, but when compared to private companies too – it’s Block.one that is leading the charge. 

But none come close to the over 1 million Bitcoins and >5% of supply that sits across Satoshi Nakamoto’s wallets. 

Sources

https://buybitcoinworldwide.com/treasuries/#public

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Crypto Academy CEO Granit Mustafa: blockchain will “redefine digital finance”

Within finance circles, perhaps there is no more polarising subject than cryptocurrency. 

To some, the concept of blockchain is a total waste of time, fit for nothing other than building worthless cryptocurrencies that traders can speculate on. However, the flip side is that increasing amounts of money, resources and intelligent minds are pouring into the space, despite the bear market we currently find ourselves in. 

We interviewed Crypto Academy CEO Granit Mustafa to get his thoughts on the continued bear market, the long-term future of crypto, its polarising nature and much more. 

Coinjournal (CJ): Do you find that those new to crypto are sometimes intimated by the supposed complexity and technical knowledge required to properly understand blockchain?

Granit Mustafa (GM): Definitely. Even though many leaders of companies have a mind for running businesses and rely on experts for technical knowledge that is specific to the industry, the deep understanding of an unpredictable industry does seem to be a key factor in intimidating potential traders, investors and entrepreneurs. 

It can be frightening for institutional and individual participants to try and achieve something in this industry. On the other hand, there are so many people that want a piece of the new and fast-evolving industry that they dive head-first without having all the information. 

Nonetheless, while the technicalities and the technology itself is nothing short of complex, the concept behind blockchain and cryptocurrencies subsequently is fairly simple, which I think pushes people to participate anyway. 

In a best-case scenario, the engagement in the industry itself provides practical knowledge about the inner workings of blockchain and the dynamics within the industry. However, in worst-case scenarios, the hastiness can be detrimental to the interested party if their diligence is lacking. 

CJ: A lot of crypto remains quite polarizing, with some people saying there are too many money-grabbing projects, and others saying it will revolutionise the economy as we know it. Why do you think there is such a wide range of outcomes forecast?

GM: As in any other industry, there are those that fully believe in the potential of novelty and application of technologies or emerging industries, and those who oppose it due to the fear of the unknown. 

We know that from financial markets there have always been rug-pulls and ponzi schemes, we know that there have been multiple devastating hacks since the emergence of this digital era, and a number of other criminal activities in each and every industry. This is to say that every revolutionary invention or innovation, or in this case a disruptive technology, is a double-edged sword. 

On the contrary, there are those who see the glass as half full and fully believe in the potential of the technology not only to ease the lives of people, but also to combat those very crimes that the non-believers are pointing out incessantly. 

The wide range of these anticipations stems from the fact that the technology does have a wide application, and for better or worse, with the benefits of this widespread also come some shortcomings which need to be addressed sooner rather than later. 

CJ: Do you think that the bear market we are currently seeing will cause some newcomers to leave following the industry for good?

GM: Absolutely. I’d like to think of bear markets as a driving force for challenging participants. Bull and bear markets represent the fundamental cycle of markets, and it is nothing new. This repetitive cycle has been present since the beginning of the operation of markets, and quite frankly is never going to go away. 

The fear in the market at the moment is quite significant, but it is a testing ground for those who believe and make sound investment decisions during this critical time, and those who cannot handle it and choose to focus their attention and funds on something else. 

It would stand to reason that unhealthy and unnatural growth in markets would constitute a subsequent crash that is just as abrupt and severe. Although the market is new and volatile, and full of uncertainties, the basic behaviours and concepts apply, although the uncertainty is higher. 

Take MicroStrategy for instance. One of the top institutional investors that hold Bitcoin (BTC), despite all expectations, Michael Saylor, the CEO said that the only way that MicroStrategy would liquidate its Bitcoin (BTC) holdings would be if Bitcoin (BTC) dropped down to $3,000, and that they would put other assets as collateral instead of deciding to sell. This is an example of holders in the industry which are not intimidated by a passing cycle. 

CJYou state that you believe cryptocurrency is the future of finance on your website. I’m curious as to what role do you see for Bitcoin in this future?

GM: My team and I completely stand behind the claim that blockchain and cryptocurrencies will most definitely redefine digital finance. 

Contrary to popular belief, regulations are highly important in facilitating and accelerating global cryptocurrency adoption, Bitcoin (BTC) included. With growing adoption, Bitcoin (BTC) will substantiate its role as a safe-haven investment and store of value, along with taking the form of a proper digital currency as institutional adoption grows and global payments are facilitated through the flagship cryptocurrency. 

Bitcoin (BTC) has the key stance in the market due to its limited supply and right now due to liquidations caused by the bear market, Bitcoin (BTC) is ripe for the taking. The time to buy is now. A few years from now many people will look back at the time when Bitcoin (BTC) was trading at $20,000 just as they look back at a time when they could have owned Bitcoin (BTC) for $2. 

CJ: Have you been surprised at the growth of the industry since Crypto Academy was launched in 2016?

GM: I am happy that the industry has grown, but I am not surprised. I have been in the industry long enough to realize its potential for widespread applications. I’m glad that the rest of the world has caught up with the believers of the industry. 

On the contrary, I had expected more growth and a better regulatory landscape for facilitating the adoption of blockchain technology and cryptocurrencies, so I am a bit disappointed in that aspect. 

However, I expect that Binance and its CEO Changpeng Zhao (CZ) as a key accelerator for adoption will prompt and motivate governments and financial institutions around the world to buckle up and get on board. 

Coinjournal (CJ): You post a lot of price predictions on your website. What is the track record for these, and how do you come up with such predictions?

Granit Mustafa (GM): We base our price predictions on the overall market movement, important indexes, and sentiments such as Fear and Greed index, the roadmap of the cryptocurrency, market acceptance, and expert’s opinions to analyze and present the most accurately expected price movement.

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Bitcoin could hit $500,000 in the next decade, MicroStrategy’s Michael Saylor says

Bitcoin is down by more than 60% from its recent all-time high, but Michael Saylor believes that it will recover its price in the next four years.

Michael Saylor, the co-founder and executive chairman of MicroStrategy, has revealed that he expects bitcoin to return to its November high of nearly $69,000 within the next four years.

His prediction comes despite Bitcoin performing poorly since the start of the year. Bitcoin reached an all-time high of $69k in November 2021 but is now trading below $20k per coin.

Saylor said the current price means that Bitcoin has reached its bottom and could only rally higher from here. He said

“It has touched that a few times. I think this is stable.”

The leading cryptocurrency has been trading around the $19k mark since the start of the week. Saylor further predicted that Bitcoin could reach $500k in the next decade.

According to the MicroStrategy chairman, Bitcoin said he expects Bitcoin’s market cap to reach that of gold. He considers Bitcoin to be a hedge against inflation, and its market cap will increase over the next few years. Saylor said;

“The next logical step for bitcoin is to replace gold as a non-sovereign store of value asset.”

Saylor’s comments come a few days after MicroStrategy bought an extra 301 bitcoins. The company bought the coins for $6 million, at an average price of over $19k per coin.

Following this latest development, MicroStrategy holds 130,000 bitcoins, making it one of the largest institutional Bitcoin holders in the world.

The company has spent more than $3 billion on Bitcoin acquisition over the past few years and might continue to add to its stash. 

MicroStrategy revealed earlier this year that it is building out the Lightning Network, a payment protocol using the bitcoin blockchain. 

According to the data obtained from MarketWatch, Saylor personally holds about 17,732 bitcoins, which he bought at an average price of about $9,500. 

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Bitcoin attempts recovery after rate hike scare. Should you buy it?

  • Bitcoin recovered 1.58% on Thursday after the rate-hike drop

  • Bitcoin remains vulnerable as long as macro-issues do not abate

  • $19,250 is a level to watch on Bitcoin as it recovers

Bitcoin BTC/USD is one of the highly watched cryptocurrencies during interest rate decisions. That’s because the cryptocurrency has exhibited correlations with equities. Thus, when interest decisions come up, equities and Bitcoin become focal points. 

On Wednesday, the Federal Reserve announced a 75-basis point interest rate hike. The market had anticipated a similar hike in magnitude. Bitcoin fell below $19,000 immediately after the rate decision but recovered quickly. As of press time, the cryptocurrency was trading at $19,166 after adding more than 1.50% in 24 hours. The swift recovery indicates that markets had priced for a 75 basis point hike. Does that suggest Bitcoin will continue rising?

Looking ahead, the US central bank will hike rates further to end the year at around 4.4%. Fed Chair Jerome Powell did not rule out the possibility of a recession. The gloomy macro-outlook makes risky assets, including Bitcoin, unattractive. 

Bitcoin is recovering but faces resistance at $19,250

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Source – TradingView

Applying the MACD indicator, Bitcoin’s momentum weakened after the Fed rate hike. The MACD line entered deeper into the bear zone as the price lost an important $19,250 support. At the current level, BTC trades at or slightly below the support, having hit the lowest since June. The level is also below its average for the past 50 days.

From the technical outlook, BTC has to successfully reclaim the $19,250 level to consider a potential upside. The cryptocurrency is not a recommended buy at the moment, especially in the short term.

Summary

Bitcoin could slip further if it fails to reclaim the $19,250 level. The macro factors and technical outlook sound bearish despite the latest recoveries. A recovery above the $19,250 invalidates a bearish view.

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MicroStrategy buys extra 301 bitcoins for $6 million

MicroStrategy continues to solidify its position as one of the leading institutions in the crypto space after purchasing over 300 bitcoins earlier today.

Software firm MicroStrategy announced on Tuesday, September 20th, that it has bought 301 bitcoins.

The company made this move as the leading cryptocurrency has been underperforming in recent weeks. Bitcoin has dropped below the $20k mark in the last few days, and MicroStrategy has taken advantage of this to increase its position in the market.

MicroStrategy’s chairman, Michael Saylor, announced this latest development via Twitter an hour ago. According to Saylor, MicroStrategy bought the 301 bitcoins for $6 million, at an average price of $19,851 per Bitcoin. 

Following this latest development, MicroStrategy now holds 130,000 bitcoins. The company said it acquired the 130,000 bitcoins for $3.98 billion, at an average of $30,639 per Bitcoin.

By owning 130,000 bitcoins, MicroStrategy now holds 0.62% of all the Bitcoin that would ever be mined. 

According to the Securities and Exchange Commission filing, MicroStrategy bought the bitcoins with excess cash.

Michael Saylor recently stepped down as CEO of the company after years at the helm. By assuming the role of executive chairman, Saylor wanted to focus on buying more bitcoins. 

Saylor has also come under pressure in recent weeks, with the United States government taking aim at the billionaire in a tax evasion lawsuit. 

The former MicroStrategy CEO has made his admiration for Bitcoin public on numerous occasions. As a result, he purchased thousands of bitcoins for the software development company. 

Bitcoin has been underperforming in recent weeks. The leading cryptocurrency went past the $19k mark earlier today but is now trading around $18,800 per coin.

Bitcoin reached an all-time high of $69k in November 2021. However, it has lost more than 60% of its value since then and is now trading below $20k per coin.

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