Predicted Factors
Bitcoin made its entry in 2024 with the highest surge since April 2022, which is now trading above $45,000. As it became the talk of the town, many analysts, economists, and Bitcoin holders shared the major factors that have dipped Bitcoin value to the sky.
One of the primary factors driving the recent surge in the stock price of Bitcoin, which resulted in huge benefits for exchanges like Coinbase and firms like Microstartergy, is the growing anticipation for U.S. Spot Bitcoin ETFs to be approved in the coming days.
MicroStrategy Bitcoin Holdings
In an interview with Bloomberg last week, Aaron Schnarch a Coinbase spokesperson stated that the company had extensively prepared for ETF approval and that its system had been designed and tested to handle added trading volume, increased liquidity, and general increases in demand on its system.
MicroStrategy, a business intelligence company known for its significant Bitcoin holdings, also witnessed a surge in stock price today. The company announced last week that it had added a further 14,620 Bitcoin to its existing stash between November 30 and December 26. Microstrategy’s total Bitcoin holdings as of now stand at an impressive 189,150, worth approximately $8.7 billion at current prices. The lowest price at which Microstartergy purchased these bitcoins was $31.168 per coin, resulting in a significant $2.8 billion profit for the company.
Reassuring Signs for the Market
Microstrategy’s strategy to buy Bitcoin has solidified its position as a major player in the cryptocurrency space and has grown optimism among investors. Recently Micheal Sylor shared a chart where Bitcoin is outperforming S&P 500 and Nasdaq too. Pre-market trading witnessed substantial returns from other well-known companies, such as Riot Blockchain (RIOT) and Marathon Digital (MARA), which demonstrated positive momentum. Each increased their holdings of Bitcoin by more than 10%.
Hot Take
Bitcoin and stocks are currently showing reassuring signs for the market since many well-known companies witnessed substantial returns and demonstrations of positive momentum. This has inspired an increased optimism for the market.
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