The price of Bitcoin (BTC) dropped to $37,500 as MicroStrategy made a significant purchase. Although the market’s reaction to the company’s acquisition seems strange, such movements have been observed before. What are the expectations as we enter the final hours of December?
As the article is being written, the price of Bitcoin is around $37,500. There will be no important decisions regarding ETFs in December, and approval hopes are postponed to the next year. For now, investors are reducing their long positions in anticipation of a small market pullback in a weak news flow environment.
On the other hand, the BTC purchase announced by MicroStrategy also supported the sales. The company made the purchase at a cost of $36,785 and had correctly predicted previous dip levels. If the king cryptocurrency closes above $36,785, history will repeat itself once again.
As for Chainlink (LINK), we should not be surprised considering their recent initiatives. The venture behind LINK Coin has been expanding its staking pool as we have warned in the past few weeks. Chainlink Staking v0.2 was released this year. The initial transition took place on November 28 and only existing v0.1 LINK stakers were able to join the pool. Eligible addresses will be able to participate until December 7, and general acceptance will start on December 11.
After reaching a peak of $16.58 on November 11, the LINK price dropped to $12.86. If the decline continues, prices could fall to $10. However, the rise of LINK Coin may continue due to the news flow. The locking of hundreds of millions of tokens will create demand and cause a supply shortage in exchanges.