MicroStrategy, a data analytics firm, hit an all-time high in late November after its founder Michael Saylor announced the acquisition of over 2,000 Bitcoins. The company’s total holdings now stand at 444,600 Bitcoins, worth more than $42 billion at current prices. Despite this, MicroStrategy’s stock price has dropped by almost 40% to $290.
Saylor remains committed to buying Bitcoin, with no signs of slowing down. This is a leveraged bet for many traders, who view the company’s stock as a proxy for Bitcoin’s price fluctuations. The volatility in MicroStrategy’s stock prices is higher than that of Bitcoin due to its use of borrowed money to fund these purchases.
Bitcoin’s current price is around $95,000, with Ethereum also seeing gains of 2.5% over the past 24 hours. These market movements are just a few examples of the ongoing crypto market fluctuations.
Source: https://www.dlnews.com/articles/snapshot/mstr-slides-40-even-as-bitcoin-treads-water