Bitcoin’s YTD gain of 135% falls as it drops to $95,420 while MicroStrategy’s move could boost inflows | Stock Market News
Despite MicroStrategy Inc.’s plans to issue more shares, Bitcoin saw a decline, falling around 3% to $95,420 as of 7:12 a.m. in New York on Thursday. Other cryptocurrencies like Ether, Solana, and Dogecoin also experienced a 3% decline.
MicroStrategy Inc. is looking to increase the number of authorized shares of Class A common stock and preferred stock, as stated in a filing with the U.S. Securities and Exchange Commission on December 23. This move would give the company more purchasing power as it continues to accumulate Bitcoin.
Earlier this week, MicroStrategy announced the purchase of an additional $561 million worth of Bitcoin at an average price close to last week’s record high, marking the seventh consecutive week of purchases.
Bitcoin has shown a 135% increase in value so far this year, outperforming global stocks and gold.
Traders are wary of potential volatility in the market due to significant open interest expiries in Bitcoin and Ether derivatives in the coming days. On Friday, a record $43 billion of open interest, with $13.95 billion in Bitcoin options and $3.77 billion in Ether options, will expire on the Deribit derivatives exchange.
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