Institutional BTC investors lost billion briefly in the biggest market dip ever with companies holding huge amounts of the currency today.
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The coin has bounced back slightly after and the investments were looking great so let’s read more in our latest BTC news today.
BTC had the biggest single-day fall in value which means that institutional BTC investors lost $13B shortly as the cryptocurrency is still down but big investors are recovering. Bitcoin holdings disappeared from companies’ books today after the biggest market dip ever recorded. BTC earlier dropped from a near-record high of $58,000 to $47,700 in just a day which was the biggest single-day drop in value for the cryptocurrency. This means that the value of $1.3 million BTC held by 41 companies and investors tracked by Bitcoin Treasuries went from $76.7 billion to $63.1 billion.
BTC does what it does and it bounced back. At the time of writing, the currency was down at 6.9% in the past 24 hours which means that it was more than half of these losses that were recovered. However, the drop was still huge for some companies as MicroStrategy that holds the most BTC of any public company sold off $1 billion worth of debt to purchase BTC. The 71,079 BTC that it owns today is worth $3.8 billion.
Car company Tesla made a huge investment as well of $1.5 billion which is now down by $208 million at the time of writing from where it was a day go. The Grayscale Bitcoin Trust that holds 649,130 BTC is down by $2.8 billion. Smaller investment company Ruffer Investment Company deleted $195 million off its holdings but it is worth noting that a lot of the companies on the list are doing well in terms of the time they purchased BTC given that the currency is still 57% in the past month. as reported previously, Tesla made huge profits on the investment, even more than from selling cars.
Microstrategy should not be so worried about the market dip either since the company first bet on BTC by investing back in August and the cryptocurrency is up by 352% since.
As reported recently, The cryptocurrency market went through a correction today with the total capitalization seeing $90 billion wiped off in a few hours. This happened right when BTC lost about $5000 of value and most altcoins followed on the losses.
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