The investors and enthusiasts of the flagship cryptocurrency are in a controversial state as news has circulated of a large amount of BTC being moved from the exchanges. At the same time, MicroStrategy has been reported to raise funds to purchase more Bitcoin.
The crypto market has always been unpredictable and volatile, however, this can be a confusing time for novice parties who have been planning to invest in the top crypto asset.
According to news and a tweet shared by Lex Moskovski, a total of 22,550 BTC have been moved from the exchanges yesterday.
On the other hand, MicroStrategy, a popular business intelligence company has reportedly raised $400 million to purchase more Bitcoin.
Both news updates have left novice parties to wonder if they should invest in the flagship cryptocurrency or sell what they have.
The price of the top crypto asset reportedly took a hit earlier today, bringing it down to $32,883 (at the time of writing). While the price of BTC is lower than expected, major companies are still supporting the digital asset. The investment announced by MicroStrategy can be taken as a major example.
Therefore, interested parties can analyze their requirements and choose secure exchanges if they decide to invest in Bitcoin. Among a list of Bitcoin exchanges, SwissBorg or Kraken are two of the safest exchanges every novice party can choose.
How Has MicroStrategy’s Announcement Impacted the Crypto Market?
The withdrawal of Bitcoin from exchanges as reported makes a total of $743,604,290 in fiat currency. According to the chart shared by Glassnode, the amount of BTC withdrawn from exchanges has been the largest in 2021, so far.
While this news report has been troublesome and stressful for some BTC investors and traders, the tide has turned, thanks to MicroStrategy’s announcement of BTC investment.
MicroStrategy has raised funds for the flagship cryptocurrency second time this year. In February 2021, the company was able to raise $ 1.05 billion to purchase BTC and it has once again announced to purchase the largest crypto asset by raising $400 million.
The question is, how has this announcement affected the crypto market?
Following MicroStrategy’s announcement, it was reported that stablecoins worth approximately $457 million were deposited to the crypto exchanges. It is highly anticipated that the purpose of the stablecoin deposit is to purchase BTC, as intended by MicroStrategy.
The twists and turns in the crypto market have been both challenging and exhilarating for some. Nevertheless, the largest crypto asset by market capitalization has retained its position at the top until now, which can indicate it is a suitable digital asset to invest in.
Should you Consider Buying BTC?
The long-term investors and Bitcoin Whales have noticeably been unaffected to a great extent by the major price correction in BTC. The after-effects of the correction are still evident, however, the BTC Whales were reported to accumulate the digital asset while its price was low.
A similar situation can be seen now as MicroStrategy plans to invest a big amount in BTC while it is trading in the $30,000 region.
This can be encouraging for people who have been planning to invest in the largest cryptocurrency.
Novice investors who purchase the flagship cryptocurrency can also consider crypto trading and enjoy its benefits by using ByBit. ByBit is a popular platform and is one of the most trustworthy Bitcoin trading exchanges.
The world of crypto is full of opportunities for crypto enthusiasts, including those who do not have any prior experience or proper time to actively trade. A crypto enthusiast who has a demanding schedule and insufficient time can opt for copy-trading and use PrimeXBT Covesting.