Bitcoin, the world’s largest cryptocurrency by market value, continues to face pressure as it struggles to find support levels amid a broader decline. The digital asset is on track to record its worst quarterly performance since the second quarter of 2022.
The price of Bitcoin fell 0.7% to $87,569.29, while Ethereum, the second-largest cryptocurrency, registered a 0.6% decline, trading at $2,967.88.
In a related development, MicroStrategy, a prominent digital asset treasury company, increased its cash reserves to $2.19 billion. The firm paused Bitcoin purchases last week, a move signaling its readiness for a “long crypto winter,” according to Bloomberg.
MicroStrategy Aims to Ease Decline Concerns
MicroStrategy had acquired approximately $2 billion worth of Bitcoin in the preceding two weeks, bringing its total holdings of the pioneering cryptocurrency to around $60 billion.
Earlier this month, MicroStrategy established a $1.4 billion reserve. This fund is earmarked for future dividend distributions and interest payments, a strategic move aimed at alleviating concerns that the company might be forced to sell its Bitcoin holdings if prices continue to fall.
Bitcoin has dropped approximately 30% from its all-time high of over $126,000, achieved in early October.
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