Bitcoin stays down despite Microstrategy’s fresh purchase

Bitcoin stays down despite Microstrategy's fresh purchase

Cloud solution giant Microstrategy announced on Thursday it had bought an additional $15 million worth of Bitcoin at $55,387, adding 271 BTC to their $2 billion-plus bitcoin holdings.

The most recent purchase take the total number of Bitcoin bought by Microstrategy to 91,850 BTC worth $2.41 billion at an average price of $24,403 per bitcoin.

The latest purchase comes as the leading cryptocurrency faces challenges from one of its most vocal corporate backers.

Wednesday, Tesla CEO Elon Musk suspended the electric car maker’s bitcoin payments policy because of environmental concerns.

 Bitcoin plunged to as low as $46,294.72 and is currently trading around $48,900, where it now trades according to Coindesk data, suggesting Saylor’s latest purchase preceded Tesla’s announcement.

Shares of MicroStrategy Inc. sank 9 percent toward a four-month low on Thursday, as the enterprise software company and bitcoin play is being weighed down by the selloff in the cryptocurrency.

Read Also: Tesla will no longer accept Bitcoin – Elon Musk

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