2024

Bitcoin

when

April

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<a href="https://u.today/microstrategys-michael-saylor-reacts-as-bitcoin-price-stalls-near-66000" rel="noopener noreferrer nofollow">MicroStrategy</a>, the business intelligence firm led by chairman Michael Saylor, continues to make waves in the cryptocurrency space with its significant holdings of Bitcoin.&nbsp;
As one of the earliest corporate adopters of the digital asset, MicroStrategy's Bitcoin stash has become a focal point for the crypto community.
According to on-chain analytics website <a href="https://twitter.com/lookonchain/status/1785253190902161540" rel="noopener noreferrer nofollow">lookonchain</a>, MicroStrategy purchased another 122 BTC worth $7.8 million at $63,934 in April. The firm's Bitcoin cache has grown by 25,250 since the conclusion of the fourth quarter.&nbsp;
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 MicroStrategy bought another 122 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a>($7.8M) at $63,934 in April.<a href="https://twitter.com/hashtag/MicroStrategy?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#MicroStrategy</a> currently holds 214,400 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a>($13.22B), and the average buying price is $35,180.At current prices, the profit is ~$5.68B!<a href="https://t.co/cM4amJXh9W" rel="noopener noreferrer nofollow">https://t.co/cM4amJXh9W</a> <a href="https://t.co/6TN2fbgK83" rel="noopener noreferrer nofollow">pic.twitter.com/6TN2fbgK83</a>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1785253190902161540?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 30, 2024</a>
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This&nbsp;brings MicroStrategy's total Bitcoin holdings to 214,400 BTC, worth $13.22 billion, with an average purchase price of $35,180.&nbsp;At current Bitcoin pricing, the profit is anticipated to be $5.68 billion, according to lookonchain estimates.&nbsp;
However, under existing accounting rules, MicroStrategy&nbsp;is unable to&nbsp;report any increases in its Bitcoin holdings, including the nearly 67% increase in the most recent quarter. However, this could change due to a recent accounting rule that requires digital assets to&nbsp;be valued&nbsp;at market pricing.&nbsp;
Companies have until 2025 to adopt the revision. MicroStrategy did not embrace the modification for the first quarter, instead reporting a $191.6 million digital asset impairment loss.
In 2020, MicroStrategy became the first public firm to purchase Bitcoin as a capital allocation strategy, with Saylor noting the necessity to hedge against inflation. While Saylor has earned the adoration of digital-asset advocates, no other U.S. public corporation, except Tesla and a few crypto-related firms, has elected to include Bitcoin on its financial sheet.
<h2 id="bitcoin-price-action">Bitcoin price action</h2>
At the time of writing,&nbsp;<a href="https://u.today/bitcoin-btc-price-crash-near-60000-this-might-be-real-cause" rel="noopener noreferrer nofollow">BTC</a> had dropped 1.37% in the previous 24 hours to $61,536.&nbsp;Crypto analyst Ali shared his thoughts on BTC's price direction - a sustained close below the BTC short-term holder realized price,&nbsp;which is&nbsp;now at $59,800, could signal a probable BTC market top.
If the market peak is confirmed, BTC might fall to $51,530,&nbsp;or&nbsp;perhaps&nbsp;$42,700.&nbsp;However, if Bitcoin can break over $66,250 and reclaim this level of support, the&nbsp;negative&nbsp;view would be invalidated. Bitcoin's strength might increase when it rises beyond $66,250,&nbsp;allowing it to push&nbsp;toward $69,150. If this resistance level&nbsp;is broken, BTC might rise to a new all-time high of $92,190.

Here's How Much Michael Saylor's MicroStrategy Now Owns in Bitcoin

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