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Along with the overall crypto market, the flagship digital asset Bitcoin has also been going through some serious price fluctuations. The crypto king saw a significant price drop and is now stuck at the $20K price mark. It has been unable to cross this price region, which is a cause for concern for many crypto investors and retail traders.
While some BTC enthusiasts have taken a step back from Bitcoin over the last few weeks, other major investors have stood their ground. MicroStrategy is one such company that seems to be unbothered by the price movement noted for Bitcoin.
Even though the current market situation is not so favorable, MicroStrategy has purchased more BTC, which has piqued the interest of crypto enthusiasts throughout the market.
If you are also intrigued by the crypto king then make sure you take a look at its price movement and choose the best Bitcoin exchange that suits your needs the most.
If you are looking to leverage trade Bitcoin up to 100x, sign-up on Bybit today. You can also use this link to claim a bonus on your first deposit.
Will the Price of Bitcoin Recover?
The crypto king has been struggling for weeks to cross the $20K price region. It is currently trading at $19,410 (at the time of writing), which is a 3.21% drop in price over the last 24 hours.
Here is a graph by CoinMarketCap that shows the price movement of BTC over the last 3 months.
Despite the price trajectory noted for Bitcoin, MicroStrategy has not ceased its plans to accumulate more BTC.
MicroStrategy is the world’s largest publicly traded holder of the flagship crypto asset. Up until June 28th, the company owned approximately 129,699 BTC.
Read: Five Tips for Getting Started in Cryptocurrency
According to reports and Michael Saylor’s recent tweet, the company has bought 480 more BTC for about $10 million.
This most recent purchase represents a 0.4% increase in the BTC holdings of the company. The company has faced some losses due to the bearish trend Bitcoin is stuck in. However, Michael Saylor (CEO of MicroStrategy) remains determined to accumulate more.
Some have speculated this to be an attempt to influence the market while others have considered this a positive indication that the price of the crypto king will recover soon. However, any real-time positive movement is yet to be seen.
Meanwhile, if you are interested in buying the largest crypto asset then make sure you opt for the lowest fees Bitcoin exchange.
Tips for New Crypto Investors
The crypto space is a highly unpredictable and volatile place. There are several factors that influence the price movement of digital assets. However, the price movement of a cryptocurrency is not the only aspect you need to know about before you begin crypto investing.
Read: 6 Tips to Navigate Through Crypto Bear Market
As a novice investor, you can have a less stressful experience if you are familiar with some of the tips mentioned below.
- Choose one of the largest Bitcoin exchanges that tick all the right boxes for you.
- Monitor the price movement of the digital asset you are interested in.
- Know the right time to invest.
- Start by investing a small amount.
People who are new to the crypto space and want to invest in BTC can click on SwissBorg or Kraken (U.S. citizens).
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