MicroStrategy's stock issuance plan struggles to halt Bitcoin's decline
According to Jinshi reports, despite MicroStrategy's plan to issue stocks enabling it to purchase more Bitcoin, the cryptocurrency still fell today, dropping about 3% to $95,420 during trading. Some traders warned that due to a large number of outstanding positions in Bitcoin and Ethereum derivatives expiring, the market could become volatile in the next day. On Friday at Deribit derivatives exchange, a record $43 billion worth of open contracts will expire including $13.95 billion worth of Bitcoin options and $3.77 billion worth of Ethereum options.
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