Bitcoin investors were in for a rough ride this past week as a major sell-off in tech stocks dragged the cryptocurrency market down with it. Standard Chartered’s Geoffrey Kendrick highlighted the growing correlation between Bitcoin and the Nasdaq, which tumbled 3% in futures trading. As a result, over $883.9 million in crypto positions were liquidated, with the majority coming from long positions betting on Bitcoin’s continued rise.
Adding to the drama, Bitcoin is now teetering near a critical support level—the average purchase price of Bitcoin ETFs since the U.S. presidential election, which stands at $96,400. If Nasdaq continues its slide, Bitcoin could be in for more turbulence in the short term.
But for long-term believers, there’s still plenty of optimism to go around. Just ask MicroStrategy, which continues doubling down on its Bitcoin bet. The company recently acquired more Bitcoin at an average price of $105,596 per coin, raising its overall cost basis to $64,511. MicroStrategy’s aggressive accumulation strategy remains one of the strongest corporate endorsements of Bitcoin, even as its market valuation’s premium shrinks.
While some analysts question the sustainability of MicroStrategy’s approach—especially with its software business fading into the background—there’s no denying that the company is committed to the long-term future of Bitcoin. With the recent approval to increase its available Class A shares from 330 million to a staggering 10.3 billion, the firm could be gearing up for more capital raises and even bigger Bitcoin acquisitions down the line.
For the average investor, this latest price dip may feel like another painful shakeout, but history has shown that Bitcoin thrives in the face of adversity. The market has seen crashes before, and it has always come back stronger.
In spite of the bloodbath, we at Bullish Apparel are still bullish. Come take a look at our Bitcoin Collection for clothing sporting the most successful crypto on the market!
