Bitcoin price drop causes huge losses for “MicroStrategy” with MSTR stock down 25%
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Answer Bitcoin price drop causes huge losses for “MicroStrategy” with MSTR stock down 25%
MicroStrategy, which built a massive bitcoin position on its balance sheet, has seen its holdings valuation erode by 25%.
As of its most recent filing with the SEC, MicroStrategy has raised a total of 130,000 bitcoins with a total investment of $3.97 billion.
The company, led by CEO Michael Saylor, has amassed bitcoin since August 2020 with an average price of $30,700 as of March 31.
Amidst a brutal market correction over the past four days, the price of Bitcoin dropped to $22,000.
Thus, the total value of the company’s bitcoin holdings is currently $3 billion with losses in excess of $1 billion.Read:Bitmain has temporarily stopped selling Antminer mining hardware for these reasons!
Despite all the market turmoil, Michael Saylor, CEO of MicroStrategy, is completely unfazed.
During his last interview, he said that his company would never sell bitcoins and would even continue to buy from the top.
In addition, Saylor has a very strong conviction that the price of Bitcoin will rise to 1 million over the next decade.
The decline in the share prices of “MicroStrategy” company:
Cryptocurrency-based companies faced heavy blows in Monday’s trading session on Wall Street.
Leading the path of companies affected by the bitcoin slump was MicroStrategy, as MSTR stock collapsed 25%, ending Monday’s trading session at $152.
MSTR’s stock has fallen more than 72% since the beginning of the year.
Other blockchain and crypto companies listed on public exchanges have seen their share prices drop by 15% each.
Susanna Streeter, chief investment and markets analyst at Hargreaves Lansdown, said: Bloomberg By saying:
Crypto enthusiasts are accustomed to the volatile movement of prices, but it is increasingly difficult to tolerate these roller coasters.
With the era of cheap money quickly coming to an end, traders are becoming more risk averse and turning their backs on crypto assets.Read:Brazil’s Central Bank Delays Timeline of Central Bank Digital Currency Until 2024
Cryptocurrency stocks have come under heavy pressure amid the recent collapse of Wall Street firms.
The global stock index CoinShares, which tracks 49 crypto-related companies worldwide, is down 38% so far this year, posting its worst annual performance ever.
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