- The largest corporation that publicly holds Bitcoin on its balance sheet has added another $414.4 million in BTC.
- Since the blockchain intelligence firm started buying Bitcoin, its stock has noted 350% gains.
- As Bitcoin price struggles below $60,000, supporters are stepping away from the public eye.
- MicroStrategy is considered one of the biggest Bitcoin whales, the purchase of 7,002 BTC has fueled a bullish narrative for BTC price.
MicroStrategy is one of the largest corporations that publicly hold Bitcoin. The firm accumulated BTC throughout the month of November, buying Bitcoin dips.
MicroStrategy is bullish on Bitcoin and continues accumulation
The data analytics firm headed by Michael Saylor has accumulated Bitcoin between October 1 and November 29. MicroStrategy revealed the addition of 7,002 Bitcoins to the firm’s portfolio for $414.4 million, at an average price of $59,187 per coin.
The company holds a total of 121,044 Bitcoins acquired at an average price of $29,534 each. Bitcoin price hit closer to a seven-week low over fears of the new Covid-19 strain, dropping below $55,000.
Since the firm started acquiring Bitcoin, its stock price has appreciated by over 350%.
The news of the latest investment comes at a time when there is a fear of further price drop. Key supporters of the asset are stepping out of the public eye.
Jack Dorsey revealed that he is stepping down as CEO of Twitter. CTO Parag Agrawal will replace the BTC proponent Dorsey.
Twitter has dabbled into Bitcoin tips and payments in 2021; the new CEO would work towards taking the firm’s crypto plans further.
Over 87% of wallet addresses holding Bitcoin are now profitable, based on data from IntoTheBlock. Nearly 3 million addresses are now profitable, and MicroStrategy’s bullish move has fueled the BTC price rally and triggered a climb.
FXStreet analysts have evaluated the Bitcoin price trend and believe that the asset has hit bottom and is preparing for a climb to $60,000.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Dogecoin Price Forecast: Bulls deploy $355M in DOGE longs amid Gensler exit confirmation
Dogecoin price crossed $0.40 on Friday, after a weeklong consolidation that saw DOGE tumble 13% from last week’s peak. Derivative market reports link the DOGE rally to Gary Gensler’s imminent exit.
Crypto Today: XRP gains 10%, Cardano, XRP, and DOGE price rallies, delay Bitcoin’s $100K breakout
The global cryptocurrency sector pulled $230 million capital inflows on Friday, as markets reacted positively to news of SEC Chair Gary Gensler’s imminent exit.
Cardano Price Forecast: ADA could rally by another 30% as on-chain data signals bullish sentiment
Cardano (ADA) surged 24% to $0.98 on Friday following rising weekly active addresses, increased open interest and spot buying pressure.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.