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How Are Bitcoin’s Biggest Bulls Approaching the Selloff?

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Put your money where your mouth is? Despite the recent and ongoing selloff, some of crypto’s biggest bulls continued to add to their Bitcoin holdings.

Michael Saylor, CEO of MicroStrategy  (MSTR) , bought another $9.9 million worth of bitcoin for an average of around $20,000 per coin between early May and late June, bringing MicroStrategy’s total Bitcoin holdings to around $2.5 billion.

El Salvador's president Nayib Bukele bought another $1.5 million worth of Bitcoin for an average price of $19,000. Naybtracker.com, which tracks the purchases, shows that El Salvador has paid an average of $46,000 per bitcoin

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How low does the dip go? Michael Saylor, CEO of MicroStrategy, bought another $9.9 million worth of bitcoin for an average of around $20k between early May and late June. MSTR has around $2.5 billion of total Bitcoin.

And he's not the only one, El Salvador's president Nayib Bukele bought another $1.5 million worth of Bitcoin for an average price of $19k. Naybtracker.com, which tracks the purchases, shows that El Salvador has paid an average of $46k per bitcoin. While Bukele and Saylor hit the buy button, BitInfoCharts shows that only 25,000 BTC addresses have balances that exceed $1 million.

There has been a lot of pressure on cryptocurrencies, from the UST collapse to the liquidation of Three Arrows Capital, and the bear market in traditional equities has shown that crypto can trade follow the movement in growth tech stocks. Bitcoin is down 72% from its all time high of $69,000, according to CoinGecko and is down roughly 45% in the past year. Bit with Bitcoin managing to hold the $19k level for now, what's next?

I’m Katherine Ross and that was the Crypto Minute on TheStreet. 

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