MicroStrategy still buying the dip

Top streamers were threatening to boycott Twitch over crypto streams. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ Market Activity Total Market Cap 933.31B (+0.44%) 24 Hour Volume 66.21B (-3.27%) Notable Movers[(LTC) $53.97]( (+5.27%) Notable Movers (DeFi)[(LDO) $1.84]( (+4.21%) Bitcoin Dominance 39,52%[(+0.10%)]( Bitcoin Price[(BTC) $19,276.68 (+1.54%)]( Ethereum Price[(ETH) $1,354.29 (+1.33%)]( Cardano Price[(ADA) $0,4526 (+2.71%)]( Editor's Note Saylor's on a Bitcoin Buying Spree Actually, it's more correct to say that MicroStrategy is continuing their Bitcoin buying spree, as Michael Saylor stepped down as CEO to take on a more advisory role a few weeks ago. But even without Saylor at the company's helm, his position as executive chairman now means that the company is still gobbling up as much Bitcoin as it can, bear market or not. In one way, buying up a lot of Bitcoin at consistent intervals is following a tried and true trading strategy: dollar cost averaging. The idea is that if you buy a set amount of an asset at set intervals, you end up avoiding losing out to the daily ups and downs and can end up in the green overall over a longer period of time. [Dollar cost averaging]( is not normally, however, done by buying 301 Bitcoins every few months. So is MicroStrategy up or down? Is their DCA strategy (if that's what it is) working? Right now, no. Since MicroStrategy started buying up BTC, their entry price for each coin has been at around $30,639 — meaning that Saylor has a paper loss of over a billion dollars. When asked about this potential loss on his BTC investment back in May of this year, Saylor told CMC's virtual conference that it's a moot point and "foolish" to worry about any market downturn in the short-term. Saylor told our conference: "If you'd asked the same question to Jeff Bezos in 2003 and said, you just had an 80% loss in Amazon, do you ever wish you sold Amazon in the year 2001? You know, Jeff Bezos could have sold Amazon in the year 2000 and avoided a 95% loss." Let's see if I got this right: Jeff Bezos = Michael Saylor and Amazon = Bitcoin? Anyways, we can probably expect another announcement, and then another, from MicroStrategy in the coming years as they keep buying more and more Bitcoin. What else can you expect from a company whose founder has this two-year old tweet pinned to his profile? "#Bitcoin is a swarm of cyber hornets serving the goddess of wisdom, feeding on the fire of truth, exponentially growing ever smarter, faster, and stronger behind a wall of encrypted energy." CMC-Community Spotlight of the Day Look Inside STEPN’s Carbon Offsetting Strategy]( In today’s CMC Community Spotlight, Stepn takes a look at how crypto can take a stance on climate change. Today’s Top Stories Check out [CoinMarketCap Alexandria]( for tech deep dives, analysis, daily news and easy-to-understand guides on how crypto works! [Today’s Top Stories ] buys more BTC]( 💰 Do we still call this buying the dip? MicroStrategy has revealed that it's snapped up another 301 BTC for $6 million. This latest investment is already underwater by $300,000 considering it spent an average of $19,851 per coin. The company is continuing to bet big on Bitcoin — even after Michael Saylor took a step back as CEO to become executive chairman. It has spent $3.97 billion on amassing 130,000 BTC, but at the time of writing, this war chest is worth just $2.45 billion. Earlier this month, the company revealed that it was planning to sell up to $500 million in Class A shares, and part of the proceeds could be used to snap up more crypto. MicroStrategy's stock price closed down 4.6% on Tuesday. bans crypto gambling]( ❌ Twitch has announced that it's going to start clamping down on crypto gambling content. From Oct. 18, live broadcasts of slots, roulette and dice games on sites including Stake.com, Rollbit.com and Duelbits.com will be prohibited. Some streamers have boasted of receiving more than $1 million a month in sponsorship from Stake.com. But there have been fears that the prominence of crypto gambling content has led some users to lose substantial amounts of money or develop an addiction. Some top Twitch stars have threatened to boycott the site unless action was taken. Earlier this month, one streamer admitted he had scammed fans and other Twitch users out of $200,000 to fund an addiction to betting on Counter Strike: Global Offensive. . ban on algorithmic stablecoins?]( 👀 The U.S. is considering a two-year ban on algorithmic stablecoins, according to Bloomberg. Proposed legislation aims to target digital assets like UST, which collapsed spectacularly earlier this year. The law would make it illegal to create "endogenously collateralized stablecoins" whose value is solely based on a different digital asset by the same issuer. Whereas many stablecoins in the market are backed by U.S. dollars held in reserve, UST's peg was directly tied to a sister altcoin called LUNA. Both of these cryptocurrencies crashed back in May, causing investors to lose tens of billions of dollars. According to Bloomberg, plans are also in place to give banks and non-banks the ability to issue their own stablecoins. Thanks for reading! Have a great day — more news tomorrow! 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