MicroStrategy Buys $242.9M Worth of Bitcoin. Golden Cross Soon?

MicroStrategy Buys $242.9M Worth of Bitcoin
  • MicroStrategy has bought an additional 5,050 BTC for $242.9 million.
  • The crypto market recently experienced another dump in September.
  • A potential Golden Cross is forming.

Bitcoin’s foremost institutional backer MicroStrategy announced that it has purchased an additional 5,050 bitcoins for $242.9 million in cash. According to CEO Michael Saylor, each BTC was purchased at an average of $48,099 per piece.

Currently, the firm is now holding and managing a total of 114,042 bitcoins, which would amount to about $5 billion at the time of writing.

MicroStrategy’s recent Bitcoin buy was welcome news within the crypto community, as the market is currently under bear territory. As many have predicted, September is well known as a dump month.

BTC/USDT 1-day chart (source: TradingView)

As seen on the chart above, Bitcoin crashed heavily to from almost $53,000 to $42,600 in a day. The price has yet to regain the $45,000 level. Meanwhile, the 50-day Simple Moving Average (SMA) may rise above the 200-day SMA, which indicates a Golden Cross. For trading circles, this sign is considered very bullish.

At the time of writing, Bitcoin price is at $44,522.84, according to CoinGecko.

disclaimer read more

Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.

CryptoNewsLand (CNL) is a one-stop online crypto news website that offers the latest happenings in the crypto world.