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Bitcoin (BTC) has taken a significant hit in the past few days, with its price plummeting to monthly lows. The recent dump has seen the cryptocurrency lose over $16,000 since reaching an all-time high on December 17.
The unexpected trend that is sending shockwaves across the crypto market is linked to MicroStrategy’s purchasing activities. In what can only be described as a weird phenomenon, every announcement of a new BTC purchase by MicroStrategy has been followed by a sharp decline in price. This negative correlation between the two variables is difficult to explain, but it seems to have taken hold.
Since November 25, MicroStrategy has announced eight consecutive weeks of buying Bitcoin, with each announcement subsequently leading to a correction in the market. The data does not support any correlation between the company’s actions and the price of BTC.
Source: cryptopotato.com
