One of these investors would be Michael Saylor, whose firm, Strategy, was briefly underwater following Bitcoin’s latest price decline. The company’s Bitcoin holdings average cost basis of around $76,000 was tested as record-level liquidations rocked the crypto market.
Strategy’s BTC Holdings On The Verge Of Unrealized LossesOver the past few months, the price of Bitcoin has struggled to stay above critical levels, including the 360-day moving average and the short-term holders (STH) realized price. Interestingly, the premier cryptocurrency added another cost basis level to this growing list during its latest price decline.
Strategy, the largest corporate Bitcoin holder, briefly went into the red after BTC price crashed below its holdings’ cost basis at around $76,000. The company, which currently holds more than 712,000 BTC, has had its struggles in recent months, with its stock price (now at $143) tumbling from local highs of $455.
Over the past years, there have been no indications that Strategy would offload its Bitcoin holdings should they fall into unrealized losses. Interestingly, Strategy’s chairman and founder, Michael Saylor, posted on the X platform in relation to the downturn, saying the firm is “built for the long run.”
Bitcoin Price Bottom Might Take Months To FormMoreno wrote in a post on X:
The indicators that help find bottoms in a bull market are of no use currently.
As of this writing, the price of BTC stands at around $78,070, reflecting an over 6% decline in the past 24 hours. According to data from CoinGecko data, the premier cryptocurrency is down by about 12% on the weekly timeframe.
