Prominent internet entrepreneur Vinny Lingam has taken to his account on the X app to comment on Strategy’s massive Bitcoin purchases and say that he expects them to announce another one this week.
Meanwhile, the Bitcoin price has briefly touched the $64,200 bottom last seen on Feb. 5. By now, BTC has rebounded, paring some of its losses.
Saylor to announce $500 million Bitcoin acquisition: Lingam
According to the tweet, Vinny Lingam, known for his bullish Bitcoin stance, expects Michael Saylor, Executive Chairman of Strategy, to announce that the company has bought $500 million worth of digital gold at $68,000 per coin on average over the past week.
Saylor has indeed been making such announcements every week. Sometimes, though, there are short breaks, during which no such announcements are made. However, last week, the largest Bitcoin treasury company stated it had bought 2,486 BTC for approximately $168.4 million. The company now holds a mind-blowing 717,131 BTC in total. This amount of the bellwether crypto is valued at $47,158,046,910.
However, there might be a certain share of sarcasm in Lingam’s tweet since Bitcoin has been recently crashing in price, so, logically, large holders are going to buy more BTC on this dip, while billions of USD are being wiped off the market as “paper hands” are selling their coins.
Users on Polymarket are betting that the next announcement by Saylor will take place on March 2. In the meantime, Saylor himself posted a tweet on Sunday, hinting at a new BTC purchase to be made public soon: “The Orange Century.” Orange is the color associated with Bitcoin.
Bitcoin briefly plunges to $64,200
A report published by the on-chain data aggregator Santiment earlier today speaks about multiple liquidations and a big fall in Bitcoin open interest, which resulted in Bitcoin’s brief but substantial drawdown of 4.5% within just a couple of hours. This pushed BTC down to a $64,200 low, which has not been seen since Feb. 5.
A lot of long positions were liquidated, the report says, while the open interest crashed to $19.5 billion, while on Jan. 14, this metric stood at a peak of $38.3 billion.
However, as Bitcoin rebounded to $65,000, retail investors entered the FUD mode. Historically, it helps BTC to recover quickly.
