Crypto profit taking, MicroStrategy wants to buy billions of Bitcoin as Coinbase drops
Last Updated on 2 November 2024 by CryptoTips.eu
Although it was mainly a positive week for crypto, there was also some bad news, especially on Halloween and the first day of November. Bitcoin fell to $69,000 on Thursday because of crypto profit-taking, but climbed back above $70,000 on Friday. At the time of writing, Bitcoin is trading for $69,600.
MicroStrategy wants to buy $42 billion worth of Bitcoin and Coinbase saw its share price fall 15% in what was the worst day in two years for the largest US crypto platform. An overview.
Profit taking
The last day of October saw a slew of profit-taking by investors looking to secure their ‘uptober’. Partly because of this, the end result for the month of October 2024 with a gain of 10.7% for Bitcoin was good but not really exceptional.
However, because the graph ended the month with a new ‘golden cross’ on the boards, the next two months could be a lot of fun.
MicroStrategy
Michael Saylor’s company announced their long-term strategy this week during their latest quarterly results presentation. That strategy wasn’t really surprising (buying more Bitcoin), but the amounts they talked about were. According to the press release, MicroStrategy plans to purchase $42 billion worth of Bitcoins in the next few years.
To date, they have already purchased some $10 billion worth of Bitcoins, making them the largest corporate holder of Bitcoin.
Coinbase valt
CEO Brian Armstrong had a slightly less good week as the stock of his company Coinbase fell more than 15% after the presentation of their quarterly results. Overall, Coinbase is still improving its operations.
However, it will take some time before the largest American crypto platform returns to the values last seen at its IPO back in 2021.
