Although reports of a hack on the social network account X (formerly Twitter) of MicrostrategyA well-known business software company based in Tysons Corner, Virginia, the company has once again increased its bitcoin (btc) holdings by purchasing an additional 3,000 btc this month.
bitcoin-for-155-4-million-mstr” target=”_blank” rel=”noopener nofollow”>According According to Bloomberg, the total value of this purchase amounts to $155.4 million, significantly increasing the company's bitcoin inventory to approximately $9.88 billion based on current market prices.
MicroStrategy continues the bitcoin buying spree
The transactions took place between February 15 and 25, according to a presentation with the United States Securities and Exchange Commission (SEC) on Monday. As a result, MicroStrategy's total bitcoin holdings now amount to approximately 193,000 tokens.
Co-founder of MicroStrategy, Michael Taylorstarted the company's bitcoin buying spree in 2020 to hedge against inflation and diversify its cash reserves.
In a recent interview On Bloomberg TV, Saylor emphasized his belief in holding onto the cryptocurrency and stated that “there is no reason to sell to the winner.” Since MicroStrategy began its bitcoin acquisitions, the value of the cryptocurrency has increased by approximately 460%.
The average price of the latest acquisition of 3,000 btc was $51,813, contributing to an average price of $31,544 for the company's entire bitcoin holding, as revealed in the filing.
On Monday, the price of bitcoin remained relatively stable around $51,100 in the first hours of trading, however, the market largest cryptocurrency is showing signs of renewed bullish momentum and is currently trading at $52,800, representing a 2.5% increase in the last 24 hours.
As the value of btc continues to rise, MicroStrategy's significant bitcoin holdings have become a testament to the company's foresight and belief in the cryptocurrency as a viable investment.
It remains to be seen how MicroStrategy will manage its bitcoin holdings in the future. However, Saylor's comments suggest a long-term stance, indicating that the company does not plan to sell its bitcoin anytime soon.
Is btc ready to surpass previous ATH?
bitcoin is making significant steps toward reaching its previous 26-month high, according to co-founders Yan Alleman and Jan Happel of data intelligence firm Glassnode.
After being stuck between $51,000 and $52,000 since February 15, the cryptocurrency appears poised to break above $53,000, with momentum showing a strong upward trend.
According According to analysis by Glassnode co-founder, market sentiment is bullish, with expectations focused on the upcoming price levels of $57,000 and $58,000 before reaching its all-time high (ATH) of $69,000, suggesting continued rise and continuation of the current bull run.
However, crypto analyst Michael Van de Poppe offers a contrasting perspective on the near-term outlook for the btc price. Van de Poppe expresses uncertainty about an immediate solution correction in the price of the cryptocurrency.
the analyst suggests that the rally may peak between $54,000 and $58,000, followed by a substantial correction from $40,000 to $42,000. Van de Poppe's analysis considers the impact of the upcoming halving event, which has historically influenced the price movements in the cryptocurrency market.
Featured image from Shutterstock, chart from TradingView.com
