MicroStrategy Adds 5,262 BTC, Total Holdings 444K

 
Rajpalsinh Parmar
Written By 
Rajpalsinh Parmar
December 23, 2024

In the latest post, MicroStrategy’s chairman, Michael Saylor, revealed the acquisition of 5,262 Bitcoins for $561 million, further growing the company’s Bitcoin pile amid bullish momentum in the crypto market. 

The company achieved a quarter-to-date (QTD) Bitcoin yield of 47.4% and a year-to-date (YTD) yield of 73.7%. As of December 22, 2024, MicroStrategy holds 444,262 BTC, acquired for a total of $27.7 billion at an average cost of $62,257 per BTC.

Crypto Expert Warns of More Pain for Bitcoin Holders

After BTC surged to a new all-time high of $108,000 last week, the momentum faltered following the Federal Reserve chairman Jerome Powell’s remark on Fed cuts rates.

The Federal Reserve cut rates by 25 basis points last week but projected only two rate cuts for next year, which is lower than the three initially expected. The price quickly plunged to $92,000 on Thursday.

The hawkish stance caused Bitcoin to drop sharply, losing 14% to hit $92,000. Cooler-than-expected inflation data provided slight relief, lifting Bitcoin to $93,364.82 at the time of writing, according to CoinMarketCap. However, this is still below the critical $100,000 level. 

Andre Dragosch, Bitwise’s Europe head of research, has turned cautious after Bitcoin’s 8.8% dip last week, the largest since August. Dragosch highlighted tightening financial conditions despite rate cuts and rising consumer inflation as reasons for potential further losses. 

“The Fed is stuck between a rock and a hard place as financial conditions have continued to tighten despite 3 consecutive rate cuts since September. Meanwhile, real-time measures of consumer price inflation have re-accelerated over the past months to new highs as well judging by truflation‘s indicator for U.S. inflation,” Dragosch said.

Also Read: MicroStrategy to Buy Bitcoin with $3 Billion Notes Offering

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Rajpalsinh Parmar
Written by Rajpalsinh Parmar

Rajpalsinh is a crypto journalist with over three years of experience and is currently working with CryptoNewsZ. Throughout his journey, he has honed skills like content optimization and has developed expertise in blockchain platforms, crypto trading bots, and hackathon news and events. He has also written for TheCryptoTimes, where his ability to simplify complex crypto topics makes his articles accessible to a wide audience. ionate about the ever-evolving crypto space, he stays updated on industry trends to provide well-researched insights. Outside of work, gaming serves as his stress buster, helping him stay focused and refreshed for his next big story. He is always eager to explore new blockchain innovations and their potential impact on the global financial ecosystem.