- Bitcoin (BTC) logs a new high not seen since December 2021.
- The surge comes following another massive purchase by MicroStrategy (MSTR).
- The soaring prices also come amid the high trading volumes for spot Bitcoin exchange-traded funds (ETFs) in the US.
Fear, uncertainty, and doubt (FUD) were widespread as Bitcoin’s trajectory went sluggishly sideways after losing the resistance zone at $53K a couple of weeks ago. However, little did the shills know that it was just building up momentum for what was to come.
And just like that, Michael Saylor’s MicroStrategy suddenly announced its massive BTC accumulation yesterday, which served as a catalyst for the latest boost of the Bitcoin bandwagon. From there, the largest cryptocurrency by market cap steadily climbed to another record high not witnessed for more than two years.
MicroStrategy’s Bitcoin Accumulation
Saylor broke the news yesterday about his company’s additional 3,000 BTC acquisition to the tune of approximately $155 million. The recent purchase increased the haul of MicroStrategy to 193,000 BTC, which was bought for a sum of $6.09 billion at an average price of $31,544 per Bitcoin.
Just more than an hour past the explosive update of MicroStrategy’s chief executive, Bitcoin gradually found its footing for another rush above $52K all the way to its current top. With that, the digital treasure cove of the Bitcoin development company has grown its unrealized earnings to $11 billion, which is almost double its investment already. From the looks of it, Bitcoin’s stampede is far from over as the green candlestick remains lit this trading session.
Against the backdrop of this major announcement was a major development in the spot Bitcoin ETFs sector as BlackRock had a record day with these new investment vehicles. Hot on the heels of MicroStrategy’s disclosure and the looming halving, the world’s largest investment company boasted over 42 million iShares traded on Monday, roughly equivalent to $1.3 billion.
Bitcoin Now
As of this writing at 8:00 AM UTC, Bitcoin is treading the $56,400 mark with an increase of over 9.8% on the 24-hour chart of CoinMarketCap. Trading volume for the digital asset also rose by a whopping 234% as $48.54 billion worth of BTC moved between crypto exchanges and wallets within the timeframe.
The jump in price likewise propped the market cap of Bitcoin around $1.11 trillion as it moved between a low of $50,931 and a peak of $56,728 within the same period. The new multi-year record-high of the digital currency now narrows the gap from its all-time high of $68,789 on November 10, 2021, by 18.52%.