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 5.60% Ethereum / USD ETHUSD $ 1,675.71
$93.845.60% Volume 9.45 b Change $93.84 Open $1,675.71 Circulating 122.37 m Market Cap 205.06 b 1 y Coinbase Predicts Substantial Growth of Newer L1 Chains & Institutionalization of Regulated DeFi 1 y A Possible Crypto Recovery Moving Into New Year, Risk-on Sentiments Send The Stock Market to Another Record High 1 y The Sandbox Game Is Migrating to Ethereum Sidechain Polygon and Launching A DAO in 2022

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 4.51% Litecoin / USD LTCUSD $ 100.90
$4.554.51% Volume 967.55 m Change $4.55 Open $100.90 Circulating 72.19 m Market Cap 7.28 b 1 y Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows 1 y SBI Holdings to Launch Japan’s First Crypto Fund; Including BTC, ETH, DOT, LINK, LTC, XRP & BCH 1 y Ledger Announces Integration with FTX and Coinbase, Launching Crypto Life Debit Card

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.