Giant Cryptocurrency Whale Sells For The First Time!

0
419

MicroStrategy, one of the biggest whales in the cryptocurrency market, has made a sale for the first time, according to a new SEC filing. The company’s move comes shortly after 2,395 Bitcoins it bought in November. But the news of the sale remains in the lake, with an announcement made today by former CEO Michael Saylor.

This is why MicroStrategy is emptying your wallet

According to a new SEC filing, MicroStrategy, one of the largest BTC holders in the market, bought 2,395 Bitcoins (BTC) worth a total of $42.8 million between November 1 and December 21. This transaction took place through MicroStrategy’s subsidiaries. Now, the company is reporting in a new announcement that it has converted a small portion of its Bitcoin balance into cash.

On December 22, the company sold about 704 Bitcoins for a total of $11.8 million in anticipation that the loss would outweigh previous capital gains. The transaction, which could result in a tax advantage, took place at an average price of around $16,776 per Bitcoin. However, former CEO Michael Saylor announced today in a new announcement that the company is buying Bitcoin again…

Cryptocurrency whale buys Bitcoin again after sale

Bitcoin maximalist Michael Saylor announced on Wednesday that MicroStrategy has purchased 2,500 Bitcoins. As of December 27, the company holds over $4 billion in 132,500 Bitcoins at an average price of $30,397. Before the company bought BTC again, it sold 704 Bitcoins on December 22 for tax benefits. This was also MicroStrategy’s first Bitcoin sale. However, two days later, on December 24, the company purchased about 810 Bitcoins for approximately $13.6 million in cash.

As a result, MicroStrategy and its subsidiaries currently hold a total of 132,500 Bitcoins. This means approximately $4.03 billion that the company allocates to BTC.

Bitcoin case?

Bitcoin price took a step back on Tuesday as US stock markets fell again. The leading cryptocurrency’s annual losses are similar to those of high-profile stocks like Tesla and Meta. BTC investors lost 70% in value in 2022. It currently looks set to close 2022, its worst year since the crypto crash in 2018, down nearly 70%.

BTC’s depressed performance was linked to the Fed’s hike in interest rates to curb growing inflationary pressures and bankruptcies that occurred during the year. 2022 saw companies like Terra, Celsius Network, Three Arrow Capital and FTX go bankrupt. cryptocoin.comThese developments, which we have quoted as , caused Bitcoin to drop 65% year-to-date (YTD).

BTC is currently consolidating just under $17,000. He spent time generally below this level in December.

LEAVE A REPLY

Please enter your comment!
Please enter your name here