Skip to content

Cryptocurrency Bulletin

Crypto Wallets, News, Reviews and Guides

Menu
  • Home
  • Crypto Prices
  • Analysis
  • Best Crypto Wallets
  • Crypto Market Updates
  • Interviews
  • News
  • Metaverse
  • Bitcoin
  • Predictions
  • Scams
  • Opinion
  • Videos
  • People
  • Brokers
  • Exchanges
  • Guides
  • Cryptofinance
  • Sitemap
Menu

Microstrategy Buys Additional BTC Worth About $244m 

Posted on September 13, 2021

Top digital asset management firm and corporate bitcoin bull, Microstrategy, has bought additional BTC worth about $244m based on its latest filing with the SEC. Thus, the company’s total BTC purchases in this quarter are now worth about $210m.

Microstrategy Remains A Corporate BTC Whale

Microstrategy maintains its position as the leading corporate crypto whale. Its BTC asset is now valued at about $3.17B at an average buy price of $27,714 per coin. The company CEO disclosed the additional purchase via his official Twitter handle today. Microstrategy’s filing with the sec indicates that it increased its BTC holdings by almost 9,000 in this year’s third quarter.

As previously reported, Microstrategy purchased more BTC valued at approximately $178b last month. As of this writing, BTC price is at about $45.5K on the top exchanges. More BTC purchases in 13 months than any other corporate investor. Microstrategy had bought more BTC than any other corporate firm since its first BTC purchase about 13 months ago. 

It remains the highest BTC holder out of all publicly listed companies in America. Tesla, Coinbase and Marathon Group are among other corporate BTC whales. But their holdings pale in comparison to Microstrategy’s holdings. The firm’s CEO, Micheal Saylor, has also become a BTC advocate and often uses any available opportunity to advise other companies to increase or add BTC to their asset portfolio.

Microstrategy’s BTC purchase occurs when the king coin price continues to decline. It has lost 3.5% in the past 24 hours. The entire crypto market cap has declined by over 4.5% as altcoins also posted losses today.

The Top Two Digital Assets Consolidate Before Their Next Bullish Run

The price of BTC and ETH continues to bounce around the same range without any clear indication about their next price movement. The king coin’s price action keeps getting narrower despite continued consolidation. Since the whole crypto market experienced a strong price correction this past week, the leading digital asset has created several lower highs and lower lows.

A trendline drawn across the critical points leads to a falling wedge pattern – a prediction of a 6.6% target either positively or negatively. A target of $47,635 is possible, provided the 1-hour candlestick closes over $44,905. A decline below $43,898 might put the bears in control until their price reaches about $41,333.

BTC trendline chart. Source: TradingView

ETH price movement is also behaving like the king coin. It has been moving along a declining parallel channel in the last seven days. The height of this technical trend has formed a key resistance for ETH. ETH has struggled to surpass it and keeps falling back to this trend’s low point each time it attempts to surpass that trend’s upper boundary. 

ETH Trendline chart. source: TradingView

However, ETH hasn’t made any appreciable price movement after reaching this trendline’s mid-point recently. ETH will likely embark on a strong rally once it can surpass the $3,333 key resistance. but if it declines beneath the $3K support, its price might drop towards $2,735.

Cryptocurrency Bulletin is a blog dedicated to providing concise and up-to-date information on the latest developments in the world of digital currencies, blockchain technology, and decentralized finance.

Looking for something?

RSS Crypto Market Updates

  • Euler Finance Hacker Sends 51,000 Stolen Ether Back to Protocol
  • Bitcoin Was a Winner During the U.S. Banking Crisis, but Illiquidity Prevents It From Being a USD Hedge
  • The UK Has Created Crypto Banking Problems
  • Crypto Pundits Romance the Hyperinflation and Dollar Death Narrative. Is It a Real Scare?
  • Amazon's NFT Plans Teased in a Receipt Mailed Friday Afternoon
  • NFTX DAO Eyes Treasury Rebalancing After USDC Wobbles
  • Bitcoin Edges Below $28K as Investors Weigh Deutsche Bank Contagion Fears
  • Magic Eden Forms Web3 Games Collective With Leading Publishers, Communities
  • Bitcoin From Defunct BTC-e on the Move Again: Report
  • Eversheds Sutherland Files for Property Rights Over FTX.com Customer Assets

Recent Posts

  • JETbitX Review – What To Expect From This Broker?
  • UniTrust Venture – Things you need to know about this trading brand before opening an account
  • Axia – A Broker That Can Be Trusted? (Axia Review 2023)
  • Is Copy Trading Worth Your Time? Here’s What You Need To Know
  • PayPal Joins ConsensYs To Implement Metamask
  • Amber Group Acquires Sparrow Holdings To Expand To Singapore
  • Binance Stopped Withdrawals in USDC on December 11
  • Does Grayscale Have Enough Bitcoin In Its Reserves
  • Dubai Is Developing New Cryptocurrency Regulations
  • NFT Is Receiving Attention On The Governmental Level

Categories

Archives

©2023 Cryptocurrency Bulletin | Design: Newspaperly WordPress Theme