Software firm MicroStrategy bought bitcoins

The stake of institutional investors is increasing in the crypto market. Software firm MicroStrategy has reported that it has purchased bitcoins worth approximately $615.7 million. The possibility of spot bitcoin exchange traded fund (ETF) being approved by the securities market regulator in the US has led to a surge in buying. With this, investment in MicroStrategy bought Bitcoin will also be possible through other exchanges.

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MicroStrategy bought bitcoins

MicroStrategy and its subsidiaries purchased approximately 14,620 bitcoins between November 30 and December 26 at an average price of $42,110. After giving this information in a regulatory filing of this American company, its shares have increased by about 8 percent. The price of Bitcoin has increased by approximately 160 percent this year. MicroStrategy has taken this step to preserve the value of its reserve assets. Due to this, buyers of the company’s shares have also increased. MicroStrategy shares have risen more than 350 percent this year.

Analysts at brokerage firm TD Cowen said, “This is not a short-term trading strategy. This is indicating a strengthening of the value of Bitcoin. This company is also a source for those considering investing in Bitcoin.” In Spot Crypto ETF, the market price of the associated cryptocurrency will be tracked and investors will get the opportunity to invest money in that cryptocurrency without purchasing it. Bitcoin’s share in the crypto market is almost half. Since then there was a huge decline in its price. Investors had to suffer losses due to this.

MicroStrategy bought Bitcoins on going changes

Late month, Binance, one of the largest crypto exchanges, was found guilty of violating anti-money laundering laws in the US. Because of this, Binance was fined $4.3 billion. Its Chief Operating Officer, Changpeng Zhao, had announced his resignation. With this, scam cases can be control in this market. With this, investors’ confidence in this segment may also increase.

The oldest and most popular crypto token is Bitcoin and its value has changed by -1.98 percent in the last 24 hours. According to Coinbase, its price reached Rs 34,86,714 from Rs 35,57,113. The market capitalization of Bitcoin is Rs 68.3T. Following Bitcoin, the price of Ether has once again seen an increase today. According to the Gadgets 360 crypto price chart, at the time of writing the news, the price of Ether in India was around Rs 1 lakh 35 thousand. Talking about the global level, Ether is currently trading around $1632.

Last 24-hour report

Other cryptocurrencies are also becoming a good investment option. Shiba Inu-themed Dogecoin (its symbol is DOGE) start as a joke but has become one of the popular tokens. Its price has decreased from Rs 7.67 to Rs 7.47. There has been a change of approximately -2.74 percent in the last 24 hours. Its market cap is Rs 1.1T. In the last 24 hours, the price of Ether (ETH) has gone from Rs 1,96,016 to Rs 1,90,119. Its market cap is around Rs 22.9T. The price of Litecoin (LTC), which has a market cap of Rs 450.7B, declined by about -4.26 percent from Rs 6,347.25 to Rs 6,077.3 in the same period. Ripple or XRP is another popular token. Its market cap is Rs 2.8T. In the last 24 hours its price has increased from Rs 52.61 to Rs 51.85.

Talking about meme cryptocurrencies, both popular meme tokens Shiba Inu and DodgeCoin appeared in green. DodgeCoin is currently trading at Rs 5.28 which is up 1.03% percent in the last 24 hours. Whereas, the price of Shiba Inu is running at ₹ 0.000633 which is an increase of 0.89 percent in the last 24 hours.