Tuesday, October 19, 2021
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MicroStrategy ‘buys the dip’ with $10M

On Friday, business intelligence firm MicroStrategy purchased 314 bitcoin for $10 million, piling on a market that just one day ago was down as much as 15 percent.

After a trip below $30,000 provided fresh buyer support, Bitcoin shows signs of a revival on late January 22.

On Friday, Cointelegraph Markets data shows a better BTC/USD trading day, with daily gains at 8.5% at the time of publishing. The recovery followed a turbulent 24 hours in which Bitcoin fell to $28,950, a main amount for whale funding and just its second dip this year below $30,000.

At the same time, the well-known for its ever-increasing Bitcoin treasury, MicroStrategy reported that it had bought 314 BTC to put its total hoard to BTC 70,784.

In a tweet, CEO Michael Saylor said the coins cost $31,808 on average. He said the purchase was consistent with the treasury reserve program of MicroStrategy.

This is the first treasury padding by MicroStrategy since splurging $600 million after a leverage spike on the market-leading cryptocurrency.

The new buy-in arrived at an average cost of $31,808 per Bitcoin and joins the ongoing purchases of fund manager Grayscale that have defy overall selling activity in the past few weeks.

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