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MicroStrategy Adds 7,002 Bitcoin to Portfolio

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Yet again MicroStrategy, an Amereican business intelligence company has purchased an additional 7,002 Bitcoin worth $414.4 million to its digital asset portfolio, summing its total bitcoin asset to $3.57 billion.

The CEO of MicroStrategy, Michael Saylor made the purchase announcement on Monday via a Twitter post.

He tweeted, “MicroStrategy has purchased an additional 7,002 bitcoins for ~$414.4 million in cash at an average price of ~$59,187 per #bitcoin. As of 11/29/21 we #hodl ~121,044 bitcoins acquired for ~$3.57 billion at an average price of ~$29,534 per bitcoin”.

MicroStrategy currently owns 121,044 BTC valued at $3.57 billion that were acquired at an average price of $29,534 per bitcoin.

At the time of writing, data from Kucoin shows that Bitcoin is trading at $56,490 per coin. This implies that Microstrategy’s total bitcoin asset is worth over $6.8 billion.

On Friday, Saylor tweeted, “Bitcoin offers better inflation protection than gold and is growing faster than big tech.” 

Saylor believed that Bitcoin (BTC) “is the only property you can truly own, as well as the first technology capable of granting property rights to everyone on earth and In time, we will come to understand that it is concentrated energy in digital form and critical to the progression of our civilization.”

Despite some countries showing little to no adoption to digital assets, Saylor believed that Bitcoin has a potential to become a $100 trillion asset class. He said “digital gold is going to replace gold this decade.”

The MicroStrategy CEO further said the company is not troubled with the ongoing discussion on crypto regulation, noting that it will affect security tokens, decentralized finance (defi) exchanges, crypto exchanges, and other use cases of cryptocurrency that are not bitcoin. In his opinion, “bitcoin is unstoppable as digital property.”

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Binance CEO Forecasts Bitcoin Surge Beyond $80,000 on Institutional Inflows

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Binance Chief Executive Officer Richard Teng has set his sights on Bitcoin surging beyond the $80,000 price level on the back of rising institutional investments into crypto-backed exchange-traded funds (ETFs).

Speaking at an event in Bangkok on Sunday, Teng highlighted the significant impact of the launch of Bitcoin ETFs in the United States earlier this year.

He noted that this development has attracted a considerable influx of institutional investors, propelling fresh funds into the cryptocurrency market.

Teng expressed confidence in Bitcoin’s upward trajectory, emphasizing that “we’re just getting started.”

Initially estimating Bitcoin to reach around $80,000 by the end of the year, Teng now believes that the cryptocurrency’s price will surpass this milestone.

He attributed this bullish outlook to a combination of decreasing supply and sustained demand within the market.

However, he cautioned that the rally wouldn’t be without its fluctuations, suggesting that the market’s ups and downs would ultimately benefit its overall health.

Bitcoin has already surged by an impressive 56% this year, reaching a record high of nearly $73,798 last week.

Despite concerns among some investors about a potential bubble, Teng remains optimistic about Bitcoin’s future trajectory.

Teng’s forecast comes in the wake of his appointment as CEO of Binance, succeeding co-founder Changpeng Zhao in November following the company’s $4.3 billion settlement with US authorities.

With relentless inflows into US spot Bitcoin ETFs since their approval in January, Teng expects further institutional adoption in the near term, with more endowments and family offices anticipated to increase their allocations into Bitcoin ETFs.

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Bitcoin Retreats from Record Highs Amid Debate Over Market Speculation

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The cryptocurrency retreated from its recent record highs, igniting a debate over the speculative fervor gripping global markets.

In Asian trading on Friday, Bitcoin plummeted by as much as 5.6%, shedding its gains from the previous day when it reached a new pinnacle of nearly $73,798.

Despite recovering slightly to trade at $67,300, the retreat has triggered concerns about the sustainability of the crypto bull run.

The moderation in Bitcoin’s surge, alongside a similar trend in other top cryptocurrencies like Ether, BNB, and Solana, reflects a broader shift in investor sentiment.

With both Bitcoin’s ascent and the performance of the top 100 tokens hovering around 60% for the year, market participants are reevaluating their risk appetites amidst a backdrop of escalating inflationary pressures.

In a Bloomberg Television interview, Bank of America Corp.’s Chief Investment Strategist Michael Hartnett sounded alarms, likening the market’s euphoria to the characteristics of a bubble, particularly evident in the technology sector’s “Magnificent Seven” stocks and the soaring highs of cryptocurrencies.

The debate over market speculation is gaining traction on Wall Street, with questions looming about the vulnerability of various asset classes to a potential pullback.

Proponents of Bitcoin point to fundamental supports, such as significant net inflows into US exchange-traded funds and an impending reduction in token supply growth.

However, Bitcoin’s stumble coincided with a surge in US yields and the dollar following a report revealing a spike in producer prices, exacerbating concerns about the Federal Reserve’s ongoing efforts to rein in inflation.

Also, data from Coinglass indicates a rise in caution within the derivatives market, with a notable increase in liquidated bullish crypto wagers and a slump in funding rates for Bitcoin perpetual futures, favored by speculators.

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BTC Rally Surges 70% in 2024, But Millionaire Creation Slows Compared to Previous Uptrends

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Bitcoin (BTC), the world’s most dominant cryptocurrency, has sustained its rally in 2024, surging by 70% to new record highs above $72,000.

This year’s rally marks another milestone for the leading cryptocurrency following a 155% surge in the previous year from the depths of a bear market.

However, despite the surge in prices, the creation of new Bitcoin millionaires has slowed compared to previous uptrends.

According to data tracked by Paris-based Kaiko, less than 2,000 millionaire wallets, defined as wallets holding $1 million worth of Bitcoin, are being created daily.

This figure is lower than during the last bull run, where over 4,000 millionaire wallets were created daily, along with more than 2,000 wallets holding $10 million balances.

Analysts suggest several factors contributing to this slowdown.

Firstly, new capital may have yet to fully enter the market. Also, large investors, known as whales, may be taking profits as Bitcoin reaches new highs.

Another factor could be that whales are storing their holdings with custodians rather than in personal wallets.

Despite the slower growth rate of new millionaires, market consensus remains optimistic about Bitcoin’s future trajectory.

With Wall Street’s increasing embrace of Bitcoin, particularly through spot exchange-traded funds (ETFs), many believe that the bull run is still in its early stages.

Continued inflows into ETFs, combined with the anticipated supply reduction from the upcoming halving event, could drive prices even higher. Some analysts predict that Bitcoin could reach $150,000 and beyond in the coming months.

However, signs of caution emerge as the gap between liquidity on the buy and sell sides widens, suggesting that investors may be looking to take profits near record highs.

The overall sentiment in the cryptocurrency market remains bullish, with Bitcoin’s rally showing resilience and strength in the face of market dynamics.

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