Bitcoin, the world’s most valuable digital currency, saw its worst sell-off in 2021 yesterday after the price of BTC dropped by nearly 35% within 24 hours. Crypto influencers remained vocal during the market crash and asked investors to keep their calm.
Michael Saylor, a well-known American entrepreneur and CEO of MicroStrategy, announced yesterday that the entities under his control are now holding approximately 111,000 Bitcoin. The world’s largest cryptocurrency is currently trading near $40,000, up nearly 30% from the low of $30,000 on 19 May.
“Entities I control have now acquired 111,000 Bitcoin and have not sold a single satoshi, BTC forever,” Saylor tweeted. Earlier this week, MicroStrategy expanded its BTC portfolio with the purchase of 229 Bitcoin at an average price of $43,663. The company now has more than 92,000 BTC.
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MicroStrategy is one of the largest institutional holders of Bitcoin. The business intelligence firm accelerated its BTC accumulation since the start of 2021. In February 2021, the company bought 19,452 BTC for more than $1 billion in cash at an average price of approximately $52,765 per Bitcoin. MicroStrategy is a Nasdaq-listed company (MSTR). The stock price of the firm has increased nearly 100% in the last 6 months.
The latest dip in the price of Bitcoin triggered a massive sell-off in altcoins. Ethereum crashed as much as 40% yesterday and touched a low of nearly $2,000. Elon Musk’s recent tweets and China’s latest announcement about the crypto crackdown played a major role in the cryptocurrency market crash. During an interview with Bloomberg, Brian Brooks, former acting comptroller of the currency at the US OCC , said that investors misunderstood China’s announcement.
“One of the reasons Bitcoin is down is people’s interpretation of the Chinese government being believed to have said ‘we’re basically banning crypto’, nobody is going to ban crypto, it’s a $2 trillion dollar asset class,” Brooks said.
Bitcoin’s crypto market dominance increased during the latest recovery. BTC now accounts for approximately 44% of the total market cap of digital currencies.