Bitcoin Plunges as Market Volatility Peaks

In a surprising development, Bitcoin plunged below the $63,000 mark on Tuesday, attributed to a spike in market volatility leading to a wave of liquidations among leveraged cryptocurrency positions.

Bitcoin, the market leader in terms of capitalization, saw its value shrink by over 6% within 24 hours, settling at $62,319 at the time of this report.

This downturn has significantly impacted investors, with centralized exchanges witnessing substantial liquidations of long positions. CoinGlass reported over $192 million in Bitcoin positions wiped out, primarily in longs totaling $142.2 million.

Ether, the second-largest cryptocurrency, also experienced a 6.3% decline and is currently valued at $3,300. Solana’s native coin faced a similar fate, dropping by over 6.8%.

The wider crypto market felt these effects, with over $515.3 million in long positions liquidated in the last day alone, contributing to a total of $651.8 million in liquidations across various exchanges.

MicroStrategy Stacks Up on Bitcoin

Amidst this market turmoil, MicroStrategy, led by Michael Saylor, made a bold move by acquiring an additional 9,245 bitcoins for $623 million in cash. This acquisition increases the company’s total Bitcoin holdings to 214,246 BTC, crossing the 1% mark of the total Bitcoin supply capped at 21 million coins.

The acquisition occurred between March 11 and March 18, with an average buy-in price of $67,382 per bitcoin, inclusive of fees and expenses.

The funding for this significant investment came from $592.3 million raised through a recent private offering of convertible senior notes, supplemented by $30.7 million of excess cash.

MicroStrategy’s total investment in Bitcoin now stands at approximately $7.53 billion, with the current market value soaring above $13.7 billion. Despite the recent price surge that saw Bitcoin peak above $73,700, the cryptocurrency has since retracted to its present level.

MicroStrategy has acquired an additional 9,245 BTC for ~$623.0M using proceeds from convertible notes & excess cash for ~$67,382 per #bitcoin. As of 3/18/24, $MSTR hodls 214,246 $BTC acquired for ~$7.53B at average price of $35,160 per bitcoin. https://t.co/oeYJGgiuy0

— Michael Saylor⚡️ (@saylor) March 19, 2024

With an average purchase price of around $35,160 per Bitcoin, MicroStrategy’s strategic investments have positioned it as a major player in the cryptocurrency domain, holding firm even as the market faces unpredictable swings.

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