Bitcoin Ignores Microsoft Shareholders Rejection, Crosses $98K
The market price of Bitcoin (BTC-USD) has again crossed the $98,000 level after Microsoft shareholders rejected the orange coin in the company’s balance sheet. However, Bitcoin’s market dominance has slipped to 55.40%, which was a decrease of 0.53% over the day.
Microsoft investors rejected a proposal asking the board to conduct an assessment to determine if including Bitcoin in the company’s balance sheet is in the best long-term interests of shareholders, Bloomberg reported Tuesday, citing a webcast of the shareholder meeting.
According to data from the CoinMarketCap.com, Bitcoin has gained 1.31% over the day, trading at $98,349. The surge has also helped push the market value of all cryptocurrency higher. Data showed that the global crypto market cap reached $3.51 trillion, representing a 2.33% increase over the last day.
The total crypto market volume over the last 24 hours printed at $273.34 billion, which makes a 19.49% decrease. Traders noted that the total volume in DeFi has reached $19.85 billion, accounting for 7.26% of the total crypto market 24-hour volume.
Also, the volume of all stable coins is valued at $251.14 billion on Wednesday, which is 91.88% of the total crypto market 24-hour volume. On Tuesday, major digital assets were mostly weaker while Bitcoin (BTC-USD) struggled for direction as it stayed above $96,000.
The CoinDesk Market Index, which tracks 126 digital assets, dropped 2.4% on the day. The Nasdaq 100 and the S&P 500 were 0.3% lower in late trade, while the Dow Jones Industrial Average shed 0.4%.
Ethereum (ETH-USD), the second-largest digital asset by market value, dropped 2.5% to $3,638. XRP (XRP-USD) edged down 0.2%, while Solana (SOL-USD) lost 3.1%. BNB (BNB-USD) slumped 3.3%, Dogecoin (DOGE-USD) shed 6.7%, and Cardano (ADA-USD) slid 6.3%.
The US 10-year Treasury yield closed at 4.219%, up from Monday’s close of 4.197%, while the five-year yield rose to 4.095% from 4.07%.
Microsoft shareholders recently rejected a proposal to invest in Bitcoin, despite predictions of significant market growth. The proposal, presented by MicroStrategy CEO Michael Saylor, called for Microsoft to diversify its portfolio by allocating a portion of its reserves to Bitcoin.
Saylor argued that Bitcoin, now the seventh-largest global asset, is poised for explosive growth, with its market capitalisation projected to surpass $2 trillion in the near future and potentially reach over $200 trillion by 2045.
In his presentation, he emphasised Bitcoin’s potential as a transformative investment opportunity, aligning with major market trends. Despite these optimistic projections, Microsoft’s board cautioned against the plan, citing concerns about potential risks and volatility. Shareholders ultimately agreed, voting against the proposal during a meeting held on December 10.
The board described Bitcoin investments as “unnecessary risks” that do not align with the company’s strategy.# Bitcoin Ignores Microsoft Shareholders Rejection, Crosses $98K Goldman Sachs, IFC Partner African Banks to Empower Women Entrepreneurs
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