MicroStrategy announced that it will issue new shares to buy Bitcoin. BTC once reached 94K, and ETH dropped to 3,500.

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ABMedia
3 days ago
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Yesterday, the three major US stock indexes fell, with the AI giant Nvidia declining nearly 3% due to an anti-monopoly investigation by China, as the market awaits the CPI report on Wednesday and Thursday. The situation in the Middle East is tense, with the overthrow of Syrian President Bashar al-Assad, and gold prices rose. MicroStrategy announced a new stock offering to buy Bitcoin, but cryptocurrencies across the board fell, with BTC briefly dropping to $94,000 and ETH plummeting to $3,500, with $1.71 billion in liquidations across the network in 24 hours.

MicroStrategy Announces New Stock Offering to Buy Bitcoin

MicroStrategy, a self-proclaimed Bitcoin development company, announced that it had purchased 21,550 Bitcoins at an average cost of approximately $98,783 per Bitcoin, for a total of approximately $2.1 billion, and achieved a BTC return of 43.2% quarter-to-date and 68.7% year-to-date. As of December 8, 2024, MicroStrategy had acquired $25.6 billion worth of 423,650 Bitcoins, at an average cost of approximately $60,324 per Bitcoin. According to the filing, the funds for this Bitcoin purchase came from a new stock offering, as MicroStrategy sold 5,418,449 shares of stock between December 2 and December 8, 2024, generating net proceeds of approximately $2.13 billion.

BTC Drops to $94,000, ETH Plunges to $3,500

Bitcoin briefly dropped to $94,150, and Ethereum briefly touched $3,509, with $1.71 billion in liquidations across the network in 24 hours, primarily in ETH, with $240 million in forced liquidations, and $180 million in BTC. Other altcoins, including Doge, XRP, SOL, and others, also experienced severe losses, indicating that the current market sentiment has shifted significantly towards other less liquid altcoins, and investors need to be aware of their own risk management.

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