Today, Bitcoin is 8% lower than its all-time high, and analysts are predicting future losses. It dropped almost 4% from yesterday and now sits at $95,420. Ether, Solana, and Dogecoin have also fallen around 3%.
MicroStrategy Inc. is reportedly seeking permission to raise its number of authorized shares, according to a Dec. 23 filing with the U.S. Securities and Exchange Commission. The move would see the software maker turn into a Bitcoin accumulator, and is tipped to affect the crypto market in the coming weeks.
Massive purchases by powerhouse companies have spooked some investors, with some analysts stating that these large buyouts make cryptocurrency unattractive for future Bitcoin buyers. According to recent data, MicroStrategy owns $43.4 billion worth of Bitcoin, which makes it the biggest corporate holder of the cryptocurrency.
So far in 2024, Bitcoin has risen 135%. Expert traders are cautioning investors to expect turbulence in the market before the end of the week as a record $43 billion of open interest will expire on the derivatives exchange Deribit.
By CEO NA Editorial Staff
