Main navigation

Here's Main Reason Why Bitcoin (BTC) Is Going Down

Wed, 06/28/2023 - 15:18
article image
Yuri Molchan
Flagship cryptocurrency showing mild decline after following event took place
Here's Main Reason Why Bitcoin (BTC) Is Going Down
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Senior analyst at K33 Research Vetle Lunde has taken to Twitter to pay attention to the decline of Bitcoin that started over the past hour. He stated that the leading digital currency has fallen 2% — the current daily return.

The reason for that is the Bitcoin purchase made by the MicroStrategy giant earlier today.

Earlier today, the company co-founded by Bitcoin evangelist Michael Saylor expanded its BTC holdings, spending roughly $347 million to purchase 12,333 BTC.

Now, the business intelligence-producing giant holds a total of 152,333 BTC after spending approximately $4.5 billion on that BTC stash. In March and April, when the previous purchases were made, the BTC price also went down — 5% on that day.

This is the biggest BTC purchase made by the company so far in 2033. Previously, in March and April, MicroStrategy acquired 7,500 BTC overall.

Shibarium Hits Big New Milestone Within Two Days: Details

At the time of this writing, BTC is trading at $30,136 after slumping from the $30,452 level earlier today.

Saylor believes that Bitcoin is a worthy long-term investment asset. Earlier this month, he even encouraged investors to take out a mortgage and buy BTC with leverage, for which he faced heavy criticism. As for MicroStrategy, Saylor stated that the company will continue to stock up on Bitcoin at the top.

article image
About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at