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Michael Saylor's Strategy may have saved bitcoin from a bigger sell-off: 'A balancing force in the market'
Bitcoin has had a dismal year, but its underperformance has been less severe than in previous crypto winters, Bernstein analysts pointed out. In part, that's thanks to digital asset treasury company Strategy (MSTR), which "continues to be a net buyer in the market," analyst Gautam Chhugani wrote in a note on Monday. The token traded near $62,000, down roughly 54% from its all-time high of around $125,000 in October. "It is unclear if we are completely out of the woods, but this crypto bear market has been milder than the previous drawdown," Chhugani said. The analyst noted that bitcoin inflows from leading ... (full story)
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