Bitcoin’s price trajectory on Monday, December 1 took the asset to a new seven-month low. BTC, which logged its trading price at $86,000 hours ago, is now flirting with the $84,000 mark. At the time of writing, the most expensive crypto asset was trading at $84,930, as per data from CoinMarketCap. In the last 24 hours, the asset has logged a dip of over 8.15 percent.
The market is reacting strongly to Bitcoin’s drop including Michael Saylor’s BTC treasury firm, Microstrategy. The company’s MSTR stock, at the time of writing, was trading at $159.64 – having registered a loss of over ten percent in the last one hour, Nasdaq data showed.
Calling the BTC-MSTR crash “insane”, Industry commentary publication The Kobeissi Letter pointed out that Strategy’s market cap is now $10 billion lower than its BTC holding. It pointed out that the MSTR stock rate is down by 57 percent since October 6 – the same timeline BTC had started to slip following Donald Trump’s negative claims against China’s trade strategy.
Amid the ongoing BTC slump, Saylor has been consistently posting updates on acquiring fresh tokens. On Monday, he posted that Strategy has purchased 130 BTC for ~$11.7 million at ~$89,960 per BTC. However, his acquisition of the token has also dropped between the present day and late November. As per an update from November 17, Strategy had bought $835.6 million at ~$102,171 per BTC.
Within this period, speculations of the MSCI delisting crypto firms like Strategy from its major equity benchmarks gained strong momentum. Saylor’s stance on the rumours remained inclined towards a pro-BTC approach.
Amid the ongoing market turmoil, Saylor on Monday announced the creation of a $1.4 billion worth of USD reserve. American economist and BTC critic Peter Schiff weighed in on Saylor’s move saying Strategy is now turning to the USD to fund MSTR’s interest and dividend obligations.
Saylor’s response to Schiff remains awaited for now.