Bitcoin Drops to $43,500 as MicroStrategy Buys Another 5,050 BTC at Average Price of Over $48k

Business intelligence company MicroStrategy has purchased an additional 5,050 Bitcoin worth nearly $243 million in cash.

MicroStrategy now holds a total of 114,042 Bitcoin, acquired for $3.16 billion at an average price of $27,713 BTC.

This latest purchase was made at an average price of $48,099 per BTC.

As of writing, BTC/USD is trading around $43,500 in a volatile start to the week. September started on a positive note as it moved up from about $47k to nearly $53k last Tuesday, the day El Salvador officially adopted Bitcoin as legal tender alongside the US dollar.

But the very same day, BTC/USD fell to about $42,850. And since then, the market has been oscillating between $43k and $47k. As of writing, BTC is trading around $44,000.

In line with this, Ethereum (ETH) slid down to nearly $3,100 before making its way to $3,200 and the total crypto market cap is around $2 trillion. ETH 0.85% Ethereum / USD ETHUSD $ 3,414.78
$29.030.85% Volume 15.91 b Change $29.03 Open $3,414.78 Circulating 117.58 m Market Cap 401.51 b 1 d Interactive Brokers Founder Already Red Pilled, Has Been “Itching” to Offer Crypto Trading for a Long Time 1 d Visa’s Head of Crypto Inquires About Solana (SOL), PayPal Officially Enables Crypto Trading for UK Customers 1 d Trezor Adds EIP-1559 Support to its Model T Wallet, $1 Billion Worth of ETH Burned

It is possible the losses recorded by the crypto market were due to a fake announcement regarding that retail giant Walmart accepting the cryptocurrency Litecoin (LTC) for payments from shoppers. A Walmart spokesperson has confirmed that the press release is not authentic.

LTC/USD jumped 35% on the news to as high as $238 only to tumble down to $180. LTC 0.82% Litecoin / USD LTCUSD $ 180.75
$1.480.82% Volume 2.29 b Change $1.48 Open $180.75 Circulating 66.75 m Market Cap 12.07 b 1 d Interactive Brokers Founder Already Red Pilled, Has Been “Itching” to Offer Crypto Trading for a Long Time 1 d Visa’s Head of Crypto Inquires About Solana (SOL), PayPal Officially Enables Crypto Trading for UK Customers 2 d AMC Entertainment to Accept Bitcoin, Ether, and other Cryptocurrencies as Payment

MSTR share prices dropped in tandem to about $600, on a decline since early August and down 54% from the all-time high of $1,315 hit in early February.