MicroStrategy made headlines yesterday when it announced that it purchased 14,620 Bitcoins for $615.7 million on December 26. The company paid an average of $42,110 in Bitcoin, adding to its already massive Bitcoin holdings.
With this latest purchase, MicroStrategy now owns a total of 189,150 BTC, worth approximately $5.9 billion at a Bitcoin price of $31,168. The company's Bitcoin holdings are currently valued at $8 billion, making it one of the largest institutional Bitcoin holdings in the world.
The crypto market reacted positively to the news. According to analytics platform Sentiment, MicroStrategy's ongoing Bitcoin purchases and positive developments precede recent high price movements.
MicroStrategy's recent purchase of Bitcoin for $615 million has caused some interesting ripples among traders. With the leading cryptocurrency now having an asset value of over $8 billion, we can see that recent buying and positive company-related news have put an end to the market rally.
For example, when MicroStrategy announced positive third quarter results on November 1, social issues surrounding Bitcoin increased. Not so long ago, on November 30, the company purchased 16,130 BTC and over the next 5 days, the price of Bitcoin increased by 17%.
Likewise, the price of Bitcoin soared over $43,000 as MicroStrategy's recent $615 million purchase hit the mainstream media. Much like sentiment, these examples demonstrate the connection between micro-strategy activities and positive market sentiment.
Surprisingly, Ethereum MicroStrategy outperformed Bitcoin the next day. Bitcoin is up 0.5%, Ethereum is up 6% and is trading at around $2,400. As one cryptanalyst said of this difference:
“BTC funds volume reaches 25-month high. Traders speculate on high prices no matter if their prices are not close to each other. Otherwise it could get bloody.
In other words, excessive speculation that the price of Bitcoin will continue to rise can cause problems for traders if the momentum slows down or reverses. Once again, Bitcoin appears to be consolidating its potential after repeatedly holding the $45,000 resistance level. Another commenter put it this way.
“Bitcoin consolidates in the long term. The bullish view offers strong resistance at 48,500 and a .618 Fibonacci retracement at 45,000. The previous test of 45,000 is weakening. Potential for a new ATH.
To summarize, Bitcoin is seeing positive developments with key resistance between $45,000 and $48,500. A break above $45,000 could signal a rise to $50,000 or even a new all-time high. On the other hand, a pullback near the $38,000 support could mark another promising trade entry.
Bitcoin Minetrix introduces the concept of stake for small BTC profits
Amid the intrigue around Bitcoin and altcoins, a new project called Bitcoin Minetrix (BTCMTX) offers a way to secretly earn BTC rewards. Bitcoin Minetrix has raised over $6.4 million in presales and allows users to earn native tokens to access cloud mining capabilities. It offers users Bitcoin income without the need for expensive hardware or experience.
Bitcoin Minetrix introduces a new staking concept that opens up Bitcoin cloud mining to everyday users. Cloud mining allows users to rent hashing power to mine Bitcoins from a mining center without any equipment. However, Bitcoin Minetrix prevents widespread fraud in centralized cloud mining by using a token staking system that puts users in control.
Instead of locking users into risky long-term contracts, Bitcoin Minetrix allows users to easily purchase and share BTCMTX tokens to earn “mining credits”. These credits can be exchanged for mining time on the decentralized Bitcoin service Minetrix.
This concept of staking mining combines the rewards with the profits of Bitcoin mining, thereby doubling the earning potential of holders. Participants receive an incredible 99% API with their BTCMTX tokens while also earning BTC rewards for mining.
Bitcoin Minetrix pre-sales continue to recover as new developments emerge. Presales use a tiered pricing structure where early adopters receive a lower starting price.
The team outlined plans to list exchanges, launch marketing campaigns, develop mobile apps, and expand its pre-sales and post-sales teams. Ongoing discussions with established mining companies indicate promising growth.
Ultimately, BTCMTX represents half of the Bitcoin story and is the perfect way to position your portfolio for explosive growth in 2024.
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