Saylor said that with inflation in the US hitting a record high of 9.1 percent and other currencies weakening against the dollar, many people don’t understand that 1 bitcoin is not worth more than 1 bitcoin. He made it clear that he does not compare the prices of cryptocurrencies with normal currencies and that the price of bitcoin has not been affected by its real value despite strong pressure from macroeconomic conditions. However, MicroStrategy has lost over $1 billion on its holdings in bitcoin.
MicroStrategy held approximately 1,29,699 bitcoins at the end of last month. Their value is about 4 billion dollars. The firm bought these at an average price of around $30,664 per bitcoin. There is a possibility of slowdown in America. A big indication of this is coming from the CPI inflation index, which rose to 9.1 percent in the 12 months ended June. This is the highest increase in 12 months in more than 40 years. Earlier, the increase in the interest rate by the Federal Reserve of America had a big impact on the crypto market. This caused a huge sell-off in the market and led to a fall in the price of cryptocurrencies.
After the steep fall in the stablecoin Terra UST almost two months ago, there has been a demand for regulation of the crypto segment in many countries. In this episode, South Korea’s financial regulator Financial Supervisory Service (FSS) also decided to tighten the monitoring of virtual assets and analyze the risks associated with them. Stablecoins are cryptocurrencies that attempt to link their market price to a reserve asset such as gold or common currencies. These are more commonly used for digital transactions that involve converting virtual assets into real assets.
Cryptocurrency prices in Indian exchanges
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