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MicroStrategy buys more BTC as crypto market bleeding continues

2021.09.13 Adam James

Even previously hot altcoins SOL, LUNA and AVAX are struggling amid a market-wide sell-off.

The cryptocurrency market is starting the week on something of a sour note after a weekend of stagnation and decline. The prices of market leaders BTC and ETH are down 2.4% and 5.6%, respectively — dragging the global cryptocurrency market capitalization down more than 3.5%. Previously hot altcoins SOL, LUNA and AVAX, meanwhile, are all down by nearly 9% or more.

The cryptocurrency market is a sea of red today. Source: Coin360

The wider cryptocurrency market pullback has apparently provided MicroStrategy with yet another opportunity to buy the dip. The business intelligence firm announced the purchase of 5,050 BTC for approximately $242.9 million in cash at an average price of roughly $48,099 per coin.

NFT Snapshot: Degen Ape sells for over $1 million

The nonfungible token ecosystem on Solana hit a new milestone late last week after blockchain firm Moonrock Capital purchased a Degenerate Ape Academy NFT for nearly 5,980 SOL — worth over $1.1 million at the time of purchase.

The acquisition of the 13th-rarest Degen Ape is, to date, the most expensive Solana-based NFT purchase and the first worth more than $1 million at the time of purchase.

Top altcoin gainers and losers: SUSHI hit hard

  • RNT/USDT +6.29%
  • ARDR/USDT +4.48%
  • WTC/USDT +3.78%
  • SUSHI/USDT -12.49%
  • EDEN/USDT -14.54%
  • MASK/USDT -16.73%

Winners on OKEx today are few and far between. Sitting just outside of the top-performers list on OKEx — per the exchange's default time settings — is XTZ, which has added a modest 2.55%.

On the flip side, SushiSwap's governance token, SUSHI, has bled 12.5%.

SUSHI is one of the hardest hit altcoins on OKEx today. Source: OKEx

BTC technical analysis: MicroStrategy buys above 41,000 USDT

The price of BTC looks bearish on OKEx after putting in another lower high on the short-term time frames. The market-leading cryptocurrency is currently trading underneath both the four-hour ribbon of exponential moving averages and an area of heavy resistance — but MicroStrategy's latest purchase could bolster buyers above 41,000 USDT.

OKEx's BTC/USDT 4h chart — 9/13. Source: OKEx, TradingView

ETH technical analysis: Dropping after fakeout

The price of ETH against BTC has also put in subsequent lower highs — a bearish development. Not helping matters for the bulls is the four-hour EMA ribbon, which is currently above the ETHBTC price and moving down.

OKEx's ETH/BTC 4h chart — 9/13. Source: OKEx, TradingView

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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.