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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

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

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

Daily sector tracker

Daily News Roundup

  • Binance CEO Explained The Cause of The Temporary Withdrawal Issues Involving Bitcoin

  • Crypto Market Crash Leads to $1B in Liquidations

  • BAYC’s Floor Price Dropped 13% Along With Market

  • Analytics Firm Found That Illicit Activity Was Just 0.15% of Crypto Transaction Volume in 2021

  • Crypto Market Cap Falls Below $1T for First Time Since Early 2021

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