MicroStrategy Shares Slump As Fears of Bitcoin Margin Call Mount
Daily Market Wrap
Crypto market cap: 0.91 trillion, down 0.28%
BTC price stands at USD 22,064, up 3.36%
ETH price stands at USD 1,213, up 7.98%
Top gainer: Helium (HNT), up 28.91%
Top loser: Monero (XMR), down 5.55%
News of the Day
MicroStrategy shares slump as fears of a Bitcoin margin call mount.
Why it matters:
MicroStrategy (MSTR) shares slumped -25.18% yesterday as it will face a growing threat of margin call if Bitcoin price slips below $21,000
MicroStrategy now is sitting on an unrealised loss of more than $1 billion on its bitcoin (BTC) holdings
Last night, MicroStrategy transferred 2089 #Bitcoin ($48 million) to a new wallet for the first time amid fears of a market crash
Crypto daily spotlight
Justin Sun swears to deploy $2 billion to save Tron’s USDD stablecoin peg.
Brief introduction: Tron is a popular blockchain-based operating system on which one can create decentralised applications and share media content. It uses a delegated proof-of-stake mechanism (DPoS), consisting of 27 Super Representatives that rotate every 6 hours to validate blocks and transactions. On the other hand, Decentralised USD (USDD) is an algorithmic stablecoin on Tron, a multipurpose smart contract blockchain, which is supposed to keep a one-to-one exchange rate to the U.S. dollar.
Why it matters:
Tron’s stablecoin, Decentralised USD (USDD), lost its parity to as low as $0.91 on crypto exchanges early Monday
Tron founder, Justin Sun, tweeted that TronDAO's reserve will deploy $2 billion to fight against “shorting” pressure
Soon after the tweet, he revealed that TronDAO’s reserve saw injections of 700 million USDC to defend the USDD peg
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