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MicroStrategy Slumps as Bitcoin Fall Weighs on Recent Crypto Buys

Investing.com
·1-min read

By Dhirendra Tripathi

Investing.com – MicroStrategy stock (NASDAQ:MSTR) plunged 13% Monday, reflecting the weakness in Bitcoin (BitfinexUSD) and other cryptos.

Between October 1 and November 29, the company purchased approximately 7,002 Bitcoins for around $414 million in cash, at an average price of approximately $59,187 per Bitcoin, inclusive of fees and expenses.

The recent purchases brought the company’s total holding of the largest cryptocurrency to 121,044, acquired at an average purchase price of $29,534 per Bitcoin and totaling $3.57 billion.

The company’s investment in Bitcoin often sways its share price, given the quantum it holds.

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Bitcoin traded around $48,000 today, 2% lower. The crypto had fallen by around 20% last week before recouping most of the losses. Still, it is 30% down from its lifetime high of $68,990.6 that it hit November 10.

Other digital assets too fell sharply last week and are trading weak Monday. Ethereum ETH/USD fell 3% today while Dogecoin DOGE/USD, Shiba Inu SHIB/USD and Polkadot Polkadot fell around 5% each.

The recent selloff in crypto assets follows aversion to risky assets in the wake of the emergence of Omicron. That also led to equity unloading in many emerging markets and the strengthening of the dollar EUR/USD against major currencies.

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