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Bitcoin's Downward Trend Persists Amidst Strategic Buys by MicroStrategy and Tether

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by Giorgi Kostiuk

a year ago

Despite large Bitcoin acquisitions by companies like MicroStrategy and Tether, the cryptocurrency's value continues to decrease. This phenomenon is driven by both technical indicators and broader economic conditions.

Continuous Bitcoin Price Decline

As of Monday, December 30, Bitcoin's price hovered around the $91,000 mark, a 15% drop from its peak this year. This decline persists despite efforts by several major companies.

MicroStrategy and Tether Investments

MicroStrategy announced the purchase of an additional 2,138 Bitcoin, raising its holdings to 446,400 BTC. Tether also added 7,630 Bitcoin to its reserves, increasing their total value to over $7.7 billion.

Market Analysis and Future Outlook

Analysts point out that the current downturn is linked to profit-taking by investors following significant Bitcoin price gains this year. The market is also influenced by a general risk-off sentiment, as evidenced by the rising US dollar index and declines in key stock indices.

Current trends suggest a potential continuation of Bitcoin's price decrease in the near future, influenced by both external economic factors and internal market dynamics.

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