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MicroStrategy buys BTC again, BTC falls to 93K, market funds transfer to Ethercoin
Donald Trump, who is about to take over the White House, nominated Scott Bessent of the Hedging fund Key Square Group to be the next U.S. Treasury Secretary. Global stock markets have seen a pump, with the Dow Jones Index gaining 440 points to hit a new high. The U.S. dollar has fallen, and the yield on U.S. bonds has dropped significantly. MicroStrategy, which claims to be a company dedicated to the development of BTC, has purchased an additional 55,500 BTC. However, BTC plummeted to 93K last night, leading market funds to shift to Ethercoin. ETH has stabilized at $3,400, the only coin in the top ten Market Cap Cryptocurrencies to see a pump yesterday.
(Hedge fund manager Scott Bessent appointed as US Treasury Secretary, will stablecoin regulation be in place?)
MicroStrategy buys BTC again
MicroStrategy (MSTR), a self-proclaimed BTC development company, announced last night that it has acquired 55,500 BTC at a cost of 5.4 billion dollars, with an average cost of 97,862 dollars. As of November 24, 2024, MicroStrategy has acquired 386,700 BTC at a cost of approximately 21.9 billion dollars, with an average cost of 56,761 dollars.
Founder Michael Saylor also boldly stated: MSTR has achieved a 59.3% return on BTC since the beginning of the year, providing shareholders with a net profit of approximately 112,125 BTC, averaging around 341 BTC per day. Calculated at a Bitcoin price of $100,000, this is equivalent to bringing shareholders $11.2 billion year-to-date, or a daily income of $34.1 million.
BTC dropped to 93K
After MicroStrategy announced the purchase of BTC, BTC plummeted, hitting a low of $92,600 this morning, with a drop of over 4% in the past 24 hours.
Funds transferred to Ethercoin, ETH stands firm at $3,400
Wintermute analysts say that capital flows are shifting from Bitcoin to Ether. The activity in the derivatives market indicates that people are becoming more confident in the recent rise of ETH. Last night, ETH surged to $3,546, making it the only coin in the top ten cryptocurrencies by market capitalization to rise yesterday.
With the contract of exchange's unclosed position reaching a record high over the weekend, the capital flow in the past few trading days has been favorable to Ethercoin.
This week's Thanksgiving holiday, volume shrinkage may lead to intensified market fluctuations
The focus this week is on Wednesday's Personal Consumption Expenditures (PCE) Price Index, which is the Fed's preferred inflation gauge, with economists expecting the October PCE index to rise by 2.3% annually. US stocks will be closed on Thursday for Thanksgiving, and will close early on Friday. It is expected that the volume this week may be lighter, but under reduced volume, market volatility may increase, and investors should be aware of trading risks.
This article MicroStrategy buys BTC again, BTC fall to 93K, market funds transfer to Ethercoin first appeared on Chain News ABMedia.