Bitcoin (BTC) Fell Sharply on Monday…
Bitcoin (BTC), fell sharply on Monday after the profit-taking period ended after an equivalent rally over the past month.
The stock touched an intraday low of $ 464.51 in New York trading, which is a decrease of approximately 13%. At current values, the total market value of the company is around $ 4.6 billion. Last week, the stock peaked just under $ 512, setting a new all-time high.
The broader stock market was also under pressure on Monday, as the S, P500 and Nasdaq each fell more than half a percent.
The MSRT decline coincided with a sharp drop in both the Bitcoin price and the broader cryptocurrency markets as investors reaped profits after the steady rally over the past three weeks. Even with the decline, MSRT’s share price has risen by a whopping 300% since last summer when CEO Michael Saylor first revealed the company’s position on Bitcoin.
MicroStrategy is the largest Bitcoin owner in the world, with 70470 Bitcoins recorded in its records as of Monday, according to industry data.
The company has been buying digital assets based on the belief that Bitcoin represents a “reliable store of value and an attractive investment asset with a long-term value appreciation potential over holding cash.”
Despite its massive spike over the past few months, Bitcoin is still a very volatile asset. At the time of writing this article, Bitcoin was just under $ 32,000, after dropping 20% in the past 24 hours.