MicroStrategy Purchases 301 BTC; What Next for Bitcoin?

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  • Michael Saylor revealed that MicroStrategy bought an additional 301 $BTCs worth $6 million.
  • Crypto lending platform Maple Finance introduces a 300M lending pool for BTC mining companies.
  • The surged demand & accessibility to BTC-associated services might enhance its value.

The latest BTC news had MicroStrategy buying 301 BTCs, and the cryptocurrency lending site Maple Finance launching a $300M lending pool for BTC mining companies.

Bitcoin (BTC-USD) remained the dominant crypto in the market cap, and its price actions will generally send ripples in the overall blockchain industry.

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MicroStrategy Buys & Maple Finance Launch as Growth Catalysts

On 20 September, Michael Saylor disclosed that MicroStrategy bought another 301 $BTC worth $6 million at a $19,851 average BTC price. That means the company holds $130,000 BTCs, acquired for $3.98 billion at $30,639 per BTC.

Moreover, the institutional cryptocurrency lending protocol Maple Finance Icebreaker Finance, its delegate, revealed plans to offer secured debt financing worth $300 million to private and public BTC mining companies. These updates confirm Bitcoin’s interest is still steady, which might enhance the value and demand for the digital coin further.

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Should You Buy BTC?

21 September trading session had Bitcoin trading at $18,887. We had to analyze the crypto’s journey to the ATH and the previous month’s performance to understand what Bitcoin holds currently and its future potential.

The bellwether crypto attained its ATH on 10 November 2021 when it explored the value area of $69,045. Meanwhile, price action within the previous month shows Bitcoin hit its highest mark on 15 August at $24,887. Bitcoin hit its lowest region at $19,617 on 29 August.

That indicates a 21% or $5,270 loss. However, this month wasn’t better as BTC declined further to explore $18,887. Considering the latest developments and updates surrounding Bitcoin and the overall blockchain industry, market players may want to purchase BTC as the altcoin can surge to $22K by September 2022-end.

Nevertheless, enthusiasts should consider the associated risks. Bitcoin remains at a risk of massive dips, with some analysts predicting slumps towards $12K. However, experts urge investors to play long-term.

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