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Bitcoin price drops to $97.7 thousand: what's happening on the crypto market

Kyiv • UNN

 • 24857 views

Bitcoin dropped to $97.7 thousand due to trade tensions between the US and China. MicroStrategy recorded its fourth quarterly loss in a row, but continues to increase its crypto assets.

Bitcoin price drops to $97.7 thousand: what's happening on the crypto market

Bitcoin remained largely stable on Thursday as risk appetite remained subdued amid escalating trade tensions between the US and China, while MicroStrategy, the largest corporate holder of bitcoin, posted its fourth straight quarterly loss. Writes UNN with reference to Investing.

Details

Bitcoin fell by 0.3% to $97,742.7 at 05:35 GMT, stopping at $97,742.7. The cryptocurrency market is under pressure due to the escalation of trade tensions between the US and China.

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Last week, U.S. President Donald Trump announced a 10% tariff on Chinese imports, citing national security concerns. In response, China imposed similar duties on American goods, including liquefied natural gas, coal, crude oil, and agricultural machinery. This heightened fears of a prolonged trade war and prompted investors to flee to safe-haven assets.

Additional pressure on the market was caused by concerns about inflation caused by duties, which could affect liquidity. Meanwhile, MicroStrategy Incorporated, which recently changed its name to Strategy, recorded a net loss of $670.8 million in the fourth quarter, while last year the company had a profit of $89.1 million.

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Despite the financial losses, Strategy continues to increase its bitcoin holdings. During the quarter, the company acquired 218,887 bitcoins worth $20.5 billion, bringing its total stock to 471,107 bitcoins worth $45.6 billion. The main reason for the loss was the depreciation of bitcoin assets by $1.01 billion. However, starting from 2025, new accounting rules will allow taking into account the real market value of cryptocurrencies, which may improve financial performance.

The company continues to stick to its bitcoin-focused strategy and plans to raise $42 billion through equity and debt offerings over three years. On the back of this news, MicroStrategy shares fell by 3.3% on Wednesday, and after the close of trading, they dropped another 1.4%.

The crypto market generally showed negative dynamics, reflecting investors' increased caution about speculative assets. On the contrary, Ethereum (ETH), the second largest cryptocurrency by capitalization, rose by 1.7% to $2,833.5.

XRP lost 4% and fell to $2.4367. Solana dropped by 2.1%, Polygon by 1.4%, and Cardano by 0.4%. Among meme cryptocurrencies, Dogecoin lost almost 2%.

Recall 

On February 5, bitcoin continued to decline, failing to stay above the key level of $100,000, as escalating trade tensions between the US and China keep investors cautious.

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