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Microstrategy’s $414.4m investment fails to end bitcoin’s downward trend

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The acquisition of $414.4 million worth of bitcoin by American company, Microstrategy, failed to change the market’s downward trend on Tuesday, as the fall continued into early hours of Wednesday.

Microstrategy, a business intelligence and mobile software firm, owned by Michael Saylor, bought 7,002 BTC between October 1, 2021 and November 29, 2021, according to a disclosure from the company.

The statement (Form 8-K) filed with the United States Securities and Exchange Commission (SEC), stated that the 7,002 BTC was purchased at a worth of $59,187 per bitcoin.

This increased Microstrategy’s exposure to the crypto market to $3.57 billion, as the firm now holds 121,044 BTC, Ripples Nigeria gathered from the filing.

However, the whale’s presence in the cryptocurrency community failed to pump positive sentiment into the bitcoin market, as Ethereum and Solana appreciated, while BTC continued in its decline path.

Read also: Bitcoin crashes 20% below peak amidst declining trade volume in Nigeria

Crypto data obtained from Coindesk showed bitcoin is down 0.44 percent in the last 24 hours, trading at $57,524.11 at the time of filing this report, and 16.6 percent below its all-time-high of $68,990.90 recorded in second week of November 2021.

At the early hours of Wednesday, Bitcoin was also 2.80 percent below the price Saylor’s company paid to purchase each of the 7,002 BTC, as the market remain in red.

But Ethereum, the second most popular cryptocurrency behind BTC, was up 4.85 percent in 24hours, selling at $4,716.12, and Solana appreciated by 2.57 percent to take its market asking price to $211.11.

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