Last Updated on April 11, 2023 by Bitfinsider
According to Binance statistics via TradingView, Bitcoin was trading at $30,103 around 4:40 a.m. EST, up 1.6% over the previous 10 hours. The cryptocurrency has experienced its biggest quarterly growth in two years and is already up 82% year to date. The potential for interest rate increases to peak during the financial stress in the United States and across Europe has been linked to the rise of bitcoin.
The price of bitcoin has risen over MicroStrategy’s average purchase price of $29,803 as a result of the price explosion. Even if the corporation is theoretically up as a result, the buffer is just a few hundred dollars. Since the corporation has a sizable amount of bitcoin, selling it quickly would probably cause the price to drop noticeably. This means that even if the corporation wanted to, it probably couldn’t sell all of its bitcoin for a profit just soon.
Since last June, MicroStrategy’s bitcoin assets have been losing money. The failure of the cryptocurrency hedge fund Three Arrows Capital and the collapse of the cryptocurrency lender Celsius at the time caused the markets to fall even further. The U.S. Federal Reserve raised interest rates during this time to counter growing inflation.
The average price paid for MicroStrategy has decreased recently due to bitcoin transactions. MicroStrategy increased their holdings of bitcoin by 1,045 on April 5 after announcing on March 27 that it had purchased 6,455 bitcoin.
According to data, MicroStrategy and its affiliates currently own about 140,000 bitcoins, with a total purchase price of about $4.17 billion. At $312.78, the company’s stock has outperformed bitcoin and is up 114% year to date.
You can buy or trade BTC on Scallop. As Scallop frequently holds campaigns and events, you should check out its official Telegram group here to see if you can participate and win rewards as you trade.
On Scallop, you can trade BTC as a spot pair (BTC/USDT) in 3 simple steps:
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- Trade BTC/USDT at Scallop Spot
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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.