Bitdeer Technologies Makes Strategic Bitcoin Purchase Amid Market Volatility
Bitdeer Technologies (BTDR) has announced a significant acquisition, purchasing 50 bitcoins (BTC) as part of its ongoing strategy to enhance its cryptocurrency holdings. This move comes as the price of Bitcoin appears poised for its most challenging month since June 2022. In a recent tweet, the bitcoin mining firm disclosed that it acquired these coins at an average price of $81,475 per bitcoin.
This latest transaction brings Bitdeer’s total bitcoin treasury to a notable 855 BTC, valued at approximately $69 million, based on data from Bitcoin Treasuries. Despite this strategic investment, the company experienced a slight decline in its share price, which fell by 0.64% at the market open, settling just below $11. This decrease coincided with a broader downturn in the cryptocurrency market, which saw Bitcoin and other digital assets drop by around 4% within a 24-hour period.
However, the crypto market displayed resilience as U.S. trading hours commenced, with Bitcoin rallying above $82,000 shortly thereafter. This volatility reflects the unpredictable nature of the cryptocurrency landscape and highlights the potential for both risk and reward in this rapidly evolving sector.
