BTC/USD Drops 2.3% and Moves Further from Highs
Cryptocurrencies are experiencing a generalized decline on Thursday, December 26, with losses of up to 7%, led by Hedera, followed by Stellar (-6.5%) and Chainlink (-5.8%).
Bitcoin is down almost 2.3%, trading around $95,500, while Ethereum holds steady at $3,300. These drops come despite positive news surrounding MicroStrategy, which plans to issue more shares to fund additional cryptocurrency purchases.
In December, MicroStrategy completed three rounds of acquisitions, purchasing 42,162 bitcoins worth over $4 billion at current prices. Additionally, the company has filed with the U.S. SEC to significantly increase its stock issuance capacity. As part of its 21/21 Plan, presented in October, MicroStrategy intends to invest up to $42 billion in bitcoin over the next three years.
Bitcoin Price and Outlook
Bitcoin’s price currently hovers around $95,500, after falling below $100,000 last week following news that the U.S. Federal Reserve plans to slow down interest rate cuts. Bitcoin has since rebounded by about 6.5% from its December 23 low of $92,458 but remains far from its all-time high of $108,275 reached on December 17. Analysts suggest that its upward potential is still limited.
On an annual basis, BTC/USD continues to show significant growth, projecting a 134% increase in 2024.
Traditional Markets
In formal markets, stock indices are falling on Wall Street this Thursday, marking the first trading session after Christmas, as they trim some of the gains made during the “Santa Claus rally” earlier in the week.
The Dow Jones Industrial Average is down about 130 points, or 0.3%. The S&P 500 and Nasdaq also retreated, with losses of 0.3% and 0.2%, respectively.
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