A few days ago, the price value of Bitcoin (BTC), the most famous digital currency in the world, had to suffer a severe daily price crash of nearly 20% due to which the value of BTC went down to touch the range of $28k. The Nasdaq-listed firm MicroStrategy took the benefit of this price drop and made another significant investment in the top-ranked digital asset.
MicroStrategy Acquires $10 Million Worth Of BTC
The business intelligence firm MicroStrategy has bought an additional amount of Bitcoin. Reportedly, the company bought Bitcoin worth $10 million and added a total of 314 BTC into its Bitcoin holdings.
Now, the company’s Bitcoin stash has increased to reach a total of 70,784 BTC. This total amount held by MicroStrategy is worth approximately $2.25 billion at the present price value of Bitcoin, which is revolving around $31,700, as per the data from CoinMarketCap.
First-ever Bitcoin investment from MicroStrategy came back in the month of August in 2020 when it bought $250 million worth of Bitcoin. Michael Saylor, the Chief Executive Officer (CEO) of MicroStrategy, said at the time that it is a part of their capital allocation strategy to make investments in Bitcoin. Following this purchase, the company made another investment in the leading cryptocurrency and purchased $175 million worth of BTC. It did not stop there as it continued to make BTC investments with breaks.
Bitcoin’s Price Gained $3000 Within One Day Following MicroStrategy’s Purchase
MicroStrategy’s purchase proved a driving catalyst for the flagship cryptocurrency, which boosted the price value of Bitcoin up. Shortly after the news, the price of BTC gained more than $3000 within the duration of one day and came back above the mark of $32,000 after going down to the $28k – $29k range. It posted impressive daily gains to hit this price mark. Some cryptocurrency analysts already believe that MicroStrategy might be the real cause behind Bitcoin’s price rally towards its all-time high.
As of the time of writing, the first-ranked digital currency is trading at around $31,923 with a change rate of -1.25 percent in the last 24 hours.