Bitcoin Slips Below $90K, MicroStrategy Buys More Amid Market Jitters

Bitcoin briefly dipped below $90,000 on Monday, its lowest level since November, following a turbulent week in the cryptocurrency market. Investors grew cautious amid fears that strong economic data could reduce the likelihood of Federal Reserve rate cuts. Reports that a federal judge has allowed the U.S. government to sell over 69,000 seized bitcoins, valued at approximately $6.5 billion, further fueled concerns about an oversupply in the market.

Despite the volatility, MicroStrategy remains committed to its Bitcoin strategy. The company announced it purchased an additional 2,530 BTC for $243 million last week, financed through stock sales. This brings MicroStrategy’s total Bitcoin holdings to nearly 450,000, valued at around $41 billion. However, the news did little to buoy MicroStrategy’s stock, which fell 3% on Monday.

Bitcoin has shown resilience in the past, but with these developments, all eyes are on how the market will respond to potential supply shocks and macroeconomic shifts in the coming weeks.