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- MicroStrategy’s trading volume reached $8 billion, overpowering e-commerce giant Amazon.
- The volume surge aligns with the increasing interest in the Bitcoin-equitized sector.
- The Bitcoin-equitized sector currently boasts about $20 billion in daily trading volume.
Michael Saylor’s MicroStrategy, known for its astounding Bitcoin portfolio, overpowered the e-commerce giant Amazon in trading volume. In a recent X post, Eric Balchunas, the Senior ETF Analyst at Bloomberg, revealed that MicroStrategy boasted a staggering trading volume of $8 billion yesterday, outstripping Amazon.
Microstrategy's historical volume chart is quite the site, it traded more than Amazon yesterday w/ $8b. Outrageous activity relative to its history. The spillover effect from the spot bitcoin ETFs is underrated part of this. The equitized btc complex is doing >$20b/day in volume pic.twitter.com/GmbDZgsPL2— Eric Balchunas (@EricBalchunas) March 15, 2024
The surge in trading volume follows MicroStrategy’s recent announcement of the $525 million convertible debt offering at an interest rate of 0.875% per annum. MicroStrategy’s financial moves and its astounding accumulation of BTC reiterate the company’s commitment to Bitcoin and its initiative to incorporate digital assets into traditional finance.
In its recent purchase, MicroStrategy accumulated an additional 12,000 Bitcoins at a total price of around $822 million. With the addition of 12k Bitcoins, MicroStrategy’s BTC collection grew to 205,000 BTCs, worth more than $15 billion in equity.
The recent news of MicroStrategy’s $8 billion in trading volume has created headlines, as it is the first time that MicroStrategy outdoes Amazon. This surge in volume aligns with the increasing interest in the Bitcoin-equitized sector, which currently boasts about $20 billion in daily trading volume.
Amidst all these developments, Bitcoin has experienced a downturn, with its price dipping below $69k. Last day, Bitcoin fell by more than 5% from its new all-time high of $73,803 to $66,629. While the cryptocurrency has been ascending on a bullish track over the past week, the prevailing bearish trend demonstrates the high volatility and unpredictability of the crypto market.
At press time, Bitcoin is trading at $68,853, marking a slight increase of 1.55% in the last 24 hours. Over the last 7 days, the cryptocurrency has experienced a modest hike of 0.55%. However, Bitcoin has shown a substantial increase of 31.98% in one month.
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