MicroStrategy's stock has seen a significant decline, dropping over 36% from its November peak despite the company's ongoing strategy of aggressively accumulating Bitcoin. The stock's recent drop is attributed to market corrections following MicroStrategy's BTC purchases, raising questions about the company's impact on Bitcoin's price.
Software giant MicroStrategy’s stock has dropped over 36% from its November peak despite its commitment to an aggressive Bitcoin accumulation strategy.The closing price was an 8.19% drop from previous levels, with another 3.19% scrapped off in after-hours trading, pushing the stock to as low as $293.59.
However, the biggest dip was observed when comparing MSTR’s highest level of $473.83, achieved on November 20, to its current price, which shows a 36% difference. The all-time high came on the back of MicroStrategy achieving a$21.8 billion in 24-hour trading volume as it ramped up its BTC accumulation at a time when the asset was breaking price records of its own in quick succession.another 2,136 BTC, bringing its stash to an impressive 446,400 BTC, with an estimated value of $41.4 billion.
That being said, across longer periods, MicroStrategy has still performed admirably. Over six months, it is up more than 121% while also gaining 342% year-to-date. Bitcoin itself has faced a turbulent few weeks, dropping as low as $91,330 shortly after reaching an all-time high of $108,135 on December 17. At the time of writing, the world’s largest cryptocurrency by market cap was trading at $93,800, just 0.1% above its level from yesterday. Across 30 days, it has lost nearly 3% of its value, although over the last 12 months, the price reflects a 121% improvement.
However, led by Executive Chairman Michael Saylor, MicroStrategy seems undeterred. Its Bitcoin holdings, bought at an average cost of $62,428, now boast an unrealized profit of over $13 billion.What Is Sui Network : The Ultimate Guide in 2024One Weekly Email Can Change Your Crypto Life.Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments.
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