Here’s Main Reason Why Bitcoin (BTC) Is Going Down

Senior analyst at K33 Research Vetle Lunde has taken to Twitter to pay attention to the decline of Bitcoin that started over the past hour. He stated that the leading digital currency has fallen 2% — the current daily return.

As often is the case, BTC is falling on MicroStrategy BTC purchase announcements.

The current daily return of -2% is on par with the average daily return from previous MSTR announcements of purchases above 1,000 BTC. pic.twitter.com/1f7QAcv8V5

— Vetle Lunde (@VetleLunde) June 28, 2023

The reason for that is the Bitcoin purchase made by the MicroStrategy giant earlier today.

Earlier today, the company co-founded by Bitcoin evangelist Michael Saylor expanded its BTC holdings, spending roughly $347 million to purchase 12,333 BTC.

Now, the business intelligence-producing giant holds a total of 152,333 BTC after spending approximately $4.5 billion on that BTC stash. In March and April, when the previous purchases were made, the BTC price also went down — 5% on that day.

This is the biggest BTC purchase made by the company so far in 2033. Previously, in March and April, MicroStrategy acquired 7,500 BTC overall.

At the time of this writing, BTC is trading at $30,136 after slumping from the $30,452 level earlier today.

Saylor believes that Bitcoin is a worthy long-term investment asset. Earlier this month, he even encouraged investors to take out a mortgage and buy BTC with leverage, for which he faced heavy criticism. As for MicroStrategy, Saylor stated that the company will continue to stock up on Bitcoin at the top.