BPOI Banner
Bitcoin Bitcoin

Bitcoin Soars Past $82,500 As MicroStrategy Makes Major 27,200 BTC Purchase

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

The daily chart shows Microstrategy’s stock value. Source: MSTR on TradingView.com

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

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.

Bitcoin
The daily chart shows BTC’s price trending upwards. Source: BTCUSDT on TradingView.com

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

Source link

Ronaldo Marquez

https://www.newsbtc.com/breaking-news-ticker/bitcoin-soars-past-82500-as-microstrategy-makes-major-27200-btc-purchase/

2024-11-11 15:37:17

bitcoin
Bitcoin (BTC) $ 95,463.58 0.91%
ethereum
Ethereum (ETH) $ 3,313.82 0.32%
tether
Tether (USDT) $ 0.998684 0.13%
xrp
XRP (XRP) $ 2.20 0.82%
bnb
BNB (BNB) $ 661.35 0.72%
solana
Solana (SOL) $ 183.78 1.62%
dogecoin
Dogecoin (DOGE) $ 0.315373 1.48%
usd-coin
USDC (USDC) $ 0.999602 0.17%
staked-ether
Lido Staked Ether (STETH) $ 3,307.90 0.42%
cardano
Cardano (ADA) $ 0.898113 0.82%
tron
TRON (TRX) $ 0.247884 1.41%
avalanche-2
Avalanche (AVAX) $ 36.83 0.54%
chainlink
Chainlink (LINK) $ 22.84 4.09%
the-open-network
Toncoin (TON) $ 5.45 2.91%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,935.82 0.02%
shiba-inu
Shiba Inu (SHIB) $ 0.000022 2.01%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 95,442.57 0.48%
sui
Sui (SUI) $ 4.31 2.09%
stellar
Stellar (XLM) $ 0.358621 2.65%
polkadot
Polkadot (DOT) $ 6.97 1.09%
hedera-hashgraph
Hedera (HBAR) $ 0.266641 7.22%
weth
WETH (WETH) $ 3,315.35 0.28%
hyperliquid
Hyperliquid (HYPE) $ 26.22 20.44%
bitcoin-cash
Bitcoin Cash (BCH) $ 444.61 0.29%
leo-token
LEO Token (LEO) $ 9.36 0.39%
uniswap
Uniswap (UNI) $ 14.01 3.75%
litecoin
Litecoin (LTC) $ 102.65 4.17%
pepe
Pepe (PEPE) $ 0.000018 3.62%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,503.25 0.21%
near
NEAR Protocol (NEAR) $ 5.11 3.57%
ethena-usde
Ethena USDe (USDE) $ 0.99847 0.10%
bitget-token
Bitget Token (BGB) $ 4.11 0.15%
usds
USDS (USDS) $ 0.999825 0.20%
aptos
Aptos (APT) $ 9.25 0.08%
aave
Aave (AAVE) $ 327.51 10.89%
internet-computer
Internet Computer (ICP) $ 10.08 1.92%
crypto-com-chain
Cronos (CRO) $ 0.15533 0.67%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.479766 2.37%
mantle
Mantle (MNT) $ 1.18 4.30%
ethereum-classic
Ethereum Classic (ETC) $ 26.37 2.68%
vechain
VeChain (VET) $ 0.046221 2.94%
render-token
Render (RENDER) $ 7.10 1.74%
whitebit
WhiteBIT Coin (WBT) $ 24.52 1.06%
monero
Monero (XMR) $ 190.83 1.63%
mantra-dao
MANTRA (OM) $ 3.68 3.76%
dai
Dai (DAI) $ 0.999878 0.03%
bittensor
Bittensor (TAO) $ 458.82 2.26%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.27 1.90%
arbitrum
Arbitrum (ARB) $ 0.758717 2.78%
ethena
Ethena (ENA) $ 1.07 4.95%