Bitcoin Sees Big Decline, Prices Drops to less than USD 96,000, Ether, MicroStrategy

There has been a decline in the crypto market for the last few days. The price of Bitcoin, the largest cryptocurrency in terms of market capitalization, has also decreased. Bitcoin had a loss of about 3 percent on Thursday. Its price is trading at around $95,417. Recently Bitcoin created a new high level of more than $1,08,000.

The prices of the second largest cryptocurrencies Ether and Solana have also declined by about three percent. American company MicroStrategy, which has a large holding of Bitcoin, has informed about its plans to issue shares. This is indicating MicroStrategy’s buying of Bitcoin again. Software maker MicroStrategy plans to buy Bitcoin by issuing more shares next year. The price of Bitcoin has increased by more than 130 percent this year. However, after this there has been a significant decline in Bitcoin.

Recently, MicroStrategy had purchased a large number of Bitcoins for the seventh consecutive week. The company had said that it had purchased 5,262 bitcoins last week. For this, a price of approximately $ 1,06,612 per bitcoin has been paid. MicroStrategy had sold shares worth about $561 million to buy this bitcoin. This company has a total of 4,44,262 bitcoins. For this, MicroStrategy has spent a total of $ 27.7 billion and the average price per bitcoin is about $ 62,257. This most popular cryptocurrency is being used by Russian companies in trade abroad. Recently, Russia changed the law to allow the use of cryptocurrencies to deal with the restrictions of Western countries. Russia is also among the major countries mining Bitcoin.

The company’s shares have also benefited from increasing investment in the crypto segment. MicroStrategy’s stock has risen nearly 480 percent this year. However, questions are also being raised on the strategy of buying Bitcoin by selling shares of this company. During the presidential election campaign in America, Donald Trump had hinted at creating a reserve of Bitcoin. However, the Federal Reserve says it does not intend to get involved in the upcoming government plan to create a large stock of Bitcoin.