Bitcoin struggles to regain $48,000

MicroStrategy falls 15 per cent in Friday trading

Bitcoin failed to sustain itself above $48,000 on Friday afternoon, hampered by continued uncertainty regarding rising bond yields.

The world’s leading cryptocurrency fell six per cent on Thursday after Federal Reserve chairman Jerome Powell failed to assuage bond market concerns.

Powell described the rise in yields as “notable” but said he did not see recent events as “disorderly” or so significant as to merit further central bank intervention.

Having fallen as low as $46,472 following the Fed chair’s non-committal comments, Bitcoin rose to just above $48,700 in Friday trading.

The end of the week saw MicroStrategy doubled down further on its long-term Bitcoin bullishness, announcing it had purchased an additional 205 BTC for around $10m. The move brings the cloud services company’s total Bitcoin holdings to 91,064 BTC, currently worth over $4bn.

MicroStrategy CEO Michael Saylor recently stated:

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“We will continue to pursue our strategy of acquiring bitcoin with excess cash and we may from time to time, subject to market conditions, issue debt or equity securities in capital raising transactions with the objective of using the proceeds to purchase additional bitcoin.”

Down 57 per cent from the 21-year peak it reached in February, MicroStrategy stood 15 per cent lower by mid-morning Friday trading (EDT) at $542. At the same time, Bitcoin traded down 0.3 per cent at $47,250.

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