Bitcoin rose 3.7% to $63,971 as traders covered shorts after heavy liquidations, while Fed rate cut doubts, geopolitical risks and Strategy’s Bitcoin sale remain in focus.
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Bitcoin fell toward $61,000 as a Zcash vulnerability, ETF outflows, liquidations, geopolitical tensions and Strategy’s first BTC sale pressured crypto markets.
MicroStrategy began its Bitcoin acquisition strategy in August 2020, citing concerns over inflation and the weakening purchasing power of cash reserves.
Microsoft is reportedly considering investing in Bitcoin, as revealed in a U.S. Securities and Exchange Commission (SEC) filing.
MicroStrategy currently holds 214,400 bitcoins, acquired at an average price of $35,158 each.
Looking forward, the company is banking on its dual strategy of technological innovation and Bitcoin investment to stabilize its financial position.