Bitcoin Soars Past $82,500 As MicroStrategy Makes Major 27,200 BTC Purchase
11 Novembre 2024 - 4:37PM
NEWSBTC
On Monday, business intelligence firm Microstrategy announced the
purchase of additional Bitcoin (BTC) as the largest cryptocurrency
on the market hit a new all-time high of $82,500, with increased
inflows into various sectors of the ecosystem over the past
week. MicroStrategy Now Holds Nearly $23 Billion In Bitcoin
In a social media post by Bitcoin bull Michael Saylor, the company
announced that it had acquired approximately 27,200 BTC for
approximately $2.03 billion. This transaction is one of the largest
BTC purchases to date by a corporate entity but in line with the
company’s strategy to integrate crypto into its financial
framework. According to a statement released Monday, these
acquisitions took place between October 31 and November 10, using
proceeds from recent stock sales. With this latest purchase,
MicroStrategy now holds nearly $23 billion in Bitcoin, totaling
approximately 279,420 BTC with an average purchase price of about
$42,692 per Bitcoin. Related Reading: PEPE Upsurge Stalls At Key
Resistance, Eyeing Support At $0.00001152 Michael Saylor also
revealed that the company’s MSTR treasury operations since the
beginning of November have resulted in a BTC yield of 7.3%,
representing a net benefit to shareholders of nearly 18,410
Bitcoin. However, this strategy has also had a notable impact
on Microstrategy’s stock MSTR, which jumped 11% on Monday as the
announcement was made and is currently trading at approximately
$299 per share, up from $270 the previous week. Post-Election Bull
Run The current uptrend in Bitcoin’s price also coincides with a
notable shift in investor sentiment following Donald Trump’s
victory in the recent US presidential election against Vice
President Kamala Harris. According to CoinShares, digital
asset investment products experienced inflows of $1.98 billion
following the election, marking the fifth consecutive week of
positive inflows and bringing the year-to-date total to a record
$31.3 billion. Along with the largest cryptocurrency on the
market, the overall global assets under management (AuM) in
cryptocurrencies have reached an all-time high of $116 billion. The
inflows were predominantly driven by US investors, who contributed
$1.95 billion, while European markets also saw smaller inflows,
particularly in Switzerland and Germany. Bitcoin alone
attracted $1.8 billion of these inflows, reflecting a broader trend
that has emerged since the US Federal Reserve (Fed) cut interest
rates in September. Related Reading: Dogecoin (DOGE) Soars 50% In a
Flash: Is More Upside Ahead? Susannah Streeter, head of money and
markets at Hargreaves Lansdown, noted that the bullish momentum in
the crypto market is fueled by a sense of “euphoria” following
Trump’s election. Streeter commented that his pledge to ‘go
all in on crypto’ has sent BTC to “new, heady heights,” and
ultimately believes that Trump’s shift towards supporting the
cryptocurrency industry has created a more favorable regulatory
environment, boosting investor confidence. In further support of
this sentiment, Citi strategists highlighted that cryptocurrencies
remain one of the few Trump-related trades that have not retraced.
They noted that his administration’s expected crypto-friendly
policies could lead to greater regulatory clarity in the US,
further encouraging investment. Overall, as Bitcoin continues its
uptrend, some predict that BTC could reach the $100,000 milestone
by the end of the year, driven by a combination of favorable market
conditions and growing institutional adoption. At the time of
writing, the market’s leading crypto is trading at $82,479, up 20%
in the past week alone. Featured image from DALL-E, chart
from TradingView.com
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