MicroStrategy increases Bitcoin holdings, but Bitcoin still struggles to regain upward momentum
Despite MicroStrategy (MSTR.O) announcing an increase in Bitcoin holdings and planning to hold a special shareholders' meeting to vote on proposals for further purchases of the cryptocurrency, Bitcoin still struggles to regain significant upward momentum.
The software company stated on Monday that it had purchased about $561 million worth of Bitcoin by issuing new shares to raise funds when it joined the Nasdaq 100 index last week.
The company plans to hold a shareholder meeting seeking approval for issuing new shares to buy more Bitcoins. However, data shows that Bitcoin rose by 0.2% to $93,998, far below its historical high of $108,379 reached on December 17th.
Forex Analytix, a market analysis platform said in a report that this could be short-term profit-taking or even potentially "the beginning of a sharp decline."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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