MicroStrategy's Stock Plummets: Is This the End of Their Bitcoin Era?

02.04.2024 22:13 80 times read Reading time: 2 minutes 0 Comments

MicroStrategy: The End in Bitcoin Land? - DER AKTIONÄR

MicroStrategy, a company considerably invested in Bitcoin, witnessed a substantial decline in stock value on Tuesday. As reported by DER AKTIONÄR, the decrease was not solely attributed to Bitcoin's price weakness but also affected by internal company developments. The sale of shares by the Chairman of the Board last week sparked speculation on whether shareholders should follow suit.

MicroStrategy emerged as one of the weakest performers in the US market, with its shares tumbling around six percent. The downturn was partially due to Bitcoin dropping below $65,000, while other cryptocurrency-linked stocks such as Coinbase and Marathon Digital Holdings also faced setbacks. In addition, Kerrisdale Capital announced a short position in MicroStrategy at the week's end, asserting an overinflation of its valuation relative to the Bitcoin holdings that make up 97% of its value.

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Price Plunge for Tesla Shares and Bitcoin on the Exchange - manager magazin

The manager magazin notes the simultaneous downturns in Tesla's stock and Bitcoin at the stock exchange. While the German stock index DAX continued its upward trajectory initially, it later relinquished its gains. Meanwhile, Bitcoin fell below $70,000 after recently stabilizing above that mark.

Inflation figures from Germany indicated a deceleration, while United Internet's subsidiary Ionos drew positive attention with a new peak following its procurement of a sizable government cloud services contract, valued at up to €410 million.

Tether Boosts Bitcoin (BTC) Reserves - Cointelegraph Deutschland

Tether has augmented its Bitcoin reserves by acquiring 8,888 Bitcoins, worth about $618 million USD, as stated by Cointelegraph Deutschland. Tether now holds an approximate total of 75,354 BTC, which were purchased at an average price of $30,305 per Bitcoin. This positions their holdings at a current market value of around $5.2 billion USD, revealing sizeable unrecognized profits.

The addition of Bitcoins to Tether's reserve comes as institutional interest in cryptocurrency grows in the face of expected regulatory shifts. This includes the potential approval of spot Exchange-Traded Funds (ETF) in the United States and the approaching cryptocurrency halving events, which tend to significantly influence market pricing due to changes in supply generation rates. These events are a result of the adjustments in blockchain protocols that govern the coin minting process, directly linked to transaction verification reward systems used throughout global networks.

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