Bitcoin Extends Losses as Powell Dents Inflation Hedge Appeal
Bloomberg 3/4/2021 Vildana Hajric and Olivia Raimonde
(Bloomberg) Bitcoin’s appeal as a hedge against inflation is being put to the test, with the largest cryptocurrency slumping along with other risk assets after Jerome Powell failed to ease investor concern about rising price pressures.
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The digital token fell as much as 6.7% and traded at about $47,900 as of 2:38 p.m. in New York, after the Federal Reserve chairman said he is monitoring financial conditions and would be “concerned” by disorderly markets, but stopped short of offering specific steps which sent Treasury yields higher and stocks lower.
Bitcoin extends losses as Powell dents inflation hedge appeal - Article
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MicroStrategy bitcoin holding valued at $4 38-billion after latest buy
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By Reuters Staff
2 Min Read
FILE PHOTO: Representation of the bitcoin virtual currency standing on the PC motherboard is seen in this illustration picture, February 3, 2018. REUTERS/Dado Ruvic/Illustration
(Reuters) - Major bitcoin corporate backer MicroStrategy Inc said on Wednesday it bought another 19,452 bitcoin, worth around $1.03 billion, swelling its holdings of the cryptocurrency and sending the company’s shares 8% higher in premarket trading.
The company, whose Chief Executive Officer Michael Saylor is one of the most vocal proponents of bitcoin, bought the cryptocurrency in cash at an average price of about $52,765 each.
MicroStrategy, the world’s largest publicly traded business intelligence company, spent last year steadily amassing bitcoin after making its first investment in August.