Bitcoin Price Explodes Toward $60K as MicroStrategy Ships Massive BTC Buy: This Week’s Recap

The past 24 hours saw the cryptocurrency market expand its capitalization by more than $110 billion, pushing for the $2.2 trillion mark. This comes on the back of gains from Bitcoin, Ethereum, BNB, and most of the remaining altcoins.

Let’s dive in.

Bitcoin’s price increased by a whopping 11.5% in the past seven days. Traders are currently battling with the pivotal psychological and technical resistance level at $60,000, charting an increase of around 2.6% today alone.

BTC’s gradual ascend throughout the week. At first, the bulls were struggling to push forward, attempting to break $55K on a few occasions last weekend, but things took a swift turn on September 10th when the price shot up toward $58,000. The price consolidated there for a few days, and now, the bulls are attempting to conquer yet another important level.

The altcoin market is also performing impressively. Ethereum is charting gains upwards of 8%, BNB is up more than 13%, SOL – more than 9%, and so forth.

It’s worth noting, though, that this renewed rally didn’t come without a good reason.

As it turns out, MicroStrategy, the world’s largest corporate HODLer, added more BTC to its stash. Michael Saylor announced today a whopping $1.1 billion buy at a notional price of around $60,000 per unit. Surely, this has cushioned the market, and it might have prevented a more aggravated downfall throughout the last few weeks.

Donald Trump – the former US President and the current presidential candidate from the Republican Party – just announced that he will be launching a digital currency platform called World Liberty Financial. It will feature a digital wallet, a credit account system, as well as lending options operating with stabelcoins.

All in all, it has been an exciting seven days in the industry, especially with the US Presidential election drawing near.

Market Data

Market Cap: $2.189T | 24H Vol: $76B | BTC Dominance: 54%

BTC: $59,961(+11.2%) | ETH: $2,427(+8.3%) | BNB: $555 (+13.7%)

This Week’s Crypto Headlines You Better Not Miss

XRP Price Skyrockets 7% as Grayscale Launches Dedicated Ripple Trust. XRP has exploded by 7% following Grayscale’s announcement on September 12th. The company is launching its XRP Trust, giving many hope that this may pave the way to future ETF approval.

MicroStrategy Announces Massive $1.1 Billion Bitcoin (BTC) Purchase. Michael Saylor, the co-founder and the current chairman of MicroStrategy, revealed on Friday that the company recently acquired a whopping $1.11 billion worth of BTC at a price of around $60,408 per coin.

These Factors Suggest Bitcoin’s (BTC) Bull Run Is Just Getting Started: CQ. There are multiple factors that suggest that Bitcoin’s bull run might actually just be getting started. As reported by a well-known analytics company, the growing stablecoin reserves might be just one of them.

Donald Trump Announces Launch Date of World Liberty Financial. Donald Trump – the former US President and current candidate – announced that he will be launching a project oriented towards digital currencies. It’s called World Liberty Financial.

Bitcoin’s Price Targets Depending on a Win for Harris or Trump: Standard Chartered. Multinational banking giant Standard Chartered provided their price targets for Bitcoin depending on whether Donald Trump or Kamala Harris wins the elections in the US on November 5th.

Coinbase’s Wrapped Bitcoin (cbBTC) Launches on Base and Ethereum. cbBTC – the wrapped Bitcoin issued by the largest US-based cryptocurrency exchange, Coinbase, is launching on Base and Ethereum. The firm plans to add support other chains in the future.

Charts

This week, we have a chart analysis of Ethereum, Ripple, Cardano, Binance Coin, and Solana – click here for the complete price analysis.