Bitcoin in Big Fall, Prices drops below USD 94,000

Bitcoin, the largest cryptocurrency by market value, had a loss of more than one percent on Monday. The price of Bitcoin on the international crypto exchange Binance was down by more than 1.30 percent at around $93,870. The Federal Reserve’s refusal to create a reserve of Bitcoin in the US and weak inflation forecasts have had an impact on the crypto market.

The second largest cryptocurrency Ether was up by about 0.40 percent. Its price was trading at around $3,422. The price of XRP was down more than four percent at around $2.07. Apart from this, the price of BNB was down by more than 1.70 percent at around $698. The price of Bitcoin has increased more than double this year. Recently Bitcoin had created a new high level of more than $1,08,000.

Software company MicroStrategy, which has a large holding of Bitcoin, has informed about its plans to issue shares. This is indicating MicroStrategy’s buying of Bitcoin again. Software maker MicroStrategy plans to buy Bitcoin by issuing more shares next year. The price of Bitcoin has increased by more than 130 percent this year. However, after this there has been a significant decline in Bitcoin. Recently, MicroStrategy had purchased a large number of Bitcoins for the seventh consecutive week. The company had said that it had purchased 5,262 bitcoins last week. For this, a price of approximately $ 1,06,612 per bitcoin has been paid. MicroStrategy had sold shares worth about $561 million to buy this bitcoin. This company has a total of 4,44,262 bitcoins. For this, MicroStrategy has spent a total of $ 27.7 billion and the average price per bitcoin is about $ 62,257. This most popular cryptocurrency is being used by Russian companies in trade abroad.

During the presidential election campaign in America, Donald Trump had hinted at creating a reserve of Bitcoin. However, the Federal Reserve says it does not intend to get involved in the upcoming government plan to create a large stock of Bitcoin. This has affected the sentiment of the crypto market.