Bitcoin dropped on Friday for the first session in four days away from recent record highs on profit-taking.
Despite the loss, bitcoin is still heading towards the seventh weekly profit in a row amid strong purchases by global corporations.
The Price
Bitcoin fell 3.9% at Bitstamp to $107,367, with a session-high at $111,816.
On Thursday, bitcoin rose 1.9% at Bitstamp, hitting a record high at $112,000.
Crypto Market Value
The market value of cryptocurrencies fell by over $50 billion today to a total of $3.575 trillion.
Weekly Trades
Bitcoin is up over 2% so far this week on track for the seventh weekly profit in a row.
Bitcoin as a Safe Haven
Bitcoin is emerging as a haven for investors looking for alternatives to traditional US assets, which are facing severe fluctuations currently.
Concerns about the massive US fiscal deficit and lower demand on US treasury notes are bolstering shifts towards crypto assets such as bitcoin.
The markets are already on edge after Moody’s decision to cut the US credit rating by one notch.
Crypto trading platform Nexo’s co-founder Anthony Trenchef hailed a new period of optimism for bitcoin as it passed its January highs and rose over 50% from April lows.
He believes that bitcoin is entering its best historical years yet, with the $150,000 remaining a viable goal in 2025.
MicroStrategy
Through the X platform, MicroStrategy’s Chairman and co-founder Micheal Saylor announced a new round of bitcoin purchases amounting to 7390 units, raising total holdings to a new record high.
The purchase occurred between May 12 and May 18, with the company spending $764.85 million in total, averaging $103,498 per unit.
Following the acquisition, the company now holds 576,230 units, averaging $69,783 per unit with a total value of $40.21 billion.
MetaPlanet
Japan’s MetaPlanet also expanded its bitcoin holdings by 1004 units, purchased between May 12 and 18, at a value of $104.29 million, averaging $103,873 per unit.
Following the new purchase, the company’s total holdings rose to a record 7800 units at a value of $712.46 million, averaging $91,341 per unit.
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