The price of Bitcoin fell below $20,000 on June 10, 2023, hitting a new 18-month low. The sell-off was triggered by a number of factors, including rising inflation, rising interest rates, and the collapse of the TerraUSD stablecoin.
MicroStrategy, a business intelligence company, has continued to add to its Bitcoin holdings, buying another $10 million worth of the cryptocurrency. The company now holds over 129,000 Bitcoin, which is worth over $2.4 billion at current prices.
Other cryptocurrencies have also seen significant declines in recent months. Ethereum, the second-largest cryptocurrency by market capitalization, has fallen by more than 75% from its all-time high.
The current market conditions are challenging for many crypto investors. However, there are still opportunities for those who are willing to take on the risk. Some analysts believe that the current bear market could be a buying opportunity for those who are looking to accumulate Bitcoin at a lower price. Others believe that the crypto market will continue to decline until there is more clarity on the regulatory landscape and the global economic outlook.
Only time will tell how the current market conditions will play out. However, it is important to stay informed and make informed investment decisions.