Bitcoin, Ethereum and other major cryptocurrencies rose in September, but some fear a “black swan” event is imminent.
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This week, bitcoin price rose again above the much-watched $20,000 per bitcoin, while ethereum price rose after the successful first leg of the sweeping merger upgrade. All eyes are on the vital information to be released next week.
Now business intelligence software company MicroStrategyMSTR
known as the largest bitcoin buying company, it revealed that it plans to sell $500 million worth of shares, with the proceeds from that sale being used to buy more bitcoins.
Bitcoin price has recovered from its recent lows, pushing Ethereum price and others up… [+] major cryptocurrencies.
“We intend to use the net proceeds from the sale of Class A common shares offered under this Prospectus for general purposes, including the acquisition of bitcoin, unless otherwise stated in the Prospectus Supplement. a Securities and Exchange Commission (SEC) filing this week.
However, MicroStrategy, which has amassed nearly 130,000 bitcoins worth $2.7 billion in the past two years, has warned that wild swings in the price of bitcoins could cause it to lose money on this bet.
“Future bitcoin price swings could lead us to convert bitcoin purchased with the net proceeds from this offering into cash at a value significantly less than the net proceeds from this offering,” the company said.
The price of bitcoin crashed from nearly $70,000 per bitcoin late last year, losing about 70% of its value and destroying some $2 trillion of the combined cryptocurrency market. The price of Ethereum and most other major cryptocurrencies saw similar declines.
The price of bitcoin fell sharply in 2022, along with the price of ethereum and others…. [+] major cryptocurrencies.
The bitcoin, ethereum and cryptocurrency markets have fallen this year, along with many technology stocks that once grew rapidly as the Federal Reserve embarks on a monetary tightening program aimed at lowering inflation that is at its highest level in 40 years. reaches.
Last month, MicroStrategy founder Michael Saylor stepped down from running the company to become executive chairman and focus on buying bitcoins.
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