{"id":19582,"date":"2024-11-11T15:37:17","date_gmt":"2024-11-11T15:37:17","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=19582"},"modified":"2024-11-11T15:37:17","modified_gmt":"2024-11-11T15:37:17","slug":"bitcoin-soars-past-82500-as-microstrategy-makes-major-27200-btc-purchase","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=19582","title":{"rendered":"Bitcoin Soars Past $82,500 As MicroStrategy Makes Major 27,200 BTC Purchase"},"content":{"rendered":"

On Monday, business intelligence firm Microstrategy announced the purchase of additional Bitcoin (BTC) as the largest cryptocurrency on the market hit a new all-time high<\/a> of $82,500, with increased inflows into various sectors of the ecosystem over the past week.\u00a0<\/p>\n

MicroStrategy Now Holds Nearly $23 Billion In Bitcoin<\/h2>\n

In a social media post <\/a>by Bitcoin bull Michael Saylor, the company announced that it had acquired approximately 27,200 BTC for approximately $2.03 billion. This transaction is one of the largest BTC purchases to date by a corporate entity but in line with the company\u2019s strategy to integrate crypto into its financial framework.\u00a0<\/p>\n

According to a statement <\/a>released Monday, these acquisitions took place between October 31 and November 10, using proceeds from recent stock sales.\u00a0<\/p>\n

With this latest purchase, MicroStrategy now holds nearly $23 billion in Bitcoin, totaling approximately 279,420 BTC with an average purchase price of about $42,692 per Bitcoin.<\/p>\n

Michael Saylor also revealed that the company\u2019s MSTR treasury operations since the beginning of November have resulted in a BTC yield<\/a> of 7.3%, representing a net benefit to shareholders of nearly 18,410 Bitcoin.\u00a0<\/p>\n

However, this strategy has also had a notable impact on Microstrategy\u2019s stock MSTR, which jumped 11% on Monday as the announcement was made and is currently trading at approximately $299 per share, up from $270 the previous week.<\/p>\n

Post-Election Bull Run<\/h2>\n

The current uptrend in Bitcoin\u2019s price also coincides with a notable shift in investor sentiment following Donald Trump\u2019s victory in the recent US presidential election against Vice President Kamala Harris.\u00a0<\/p>\n

According <\/a>to CoinShares, digital asset investment products<\/a> experienced inflows of $1.98 billion following the election, marking the fifth consecutive week of positive inflows and bringing the year-to-date total to a record $31.3 billion.\u00a0<\/p>\n

Along with the largest cryptocurrency on the market, the overall global assets under management (AuM) in cryptocurrencies have reached an all-time high of $116 billion.<\/p>\n

The inflows were predominantly driven by US investors, who contributed $1.95 billion, while European markets also saw smaller inflows, particularly in Switzerland and Germany.\u00a0Bitcoin alone attracted $1.8 billion of these inflows, reflecting a broader trend that has emerged since the US Federal Reserve (Fed) cut interest rates<\/a> in September.<\/p>\n

Susannah Streeter, head of money and markets at Hargreaves Lansdown, noted <\/a>that the bullish momentum in the crypto market is fueled by a sense of \u201ceuphoria\u201d following Trump\u2019s election.\u00a0<\/p>\n

Streeter commented that his pledge to \u2018go all in on crypto\u2019 has sent BTC to \u201cnew, heady heights,\u201d and ultimately believes that Trump\u2019s shift towards supporting the cryptocurrency industry has created a more favorable regulatory environment, boosting investor confidence.<\/p>\n

In further support of this sentiment, Citi strategists highlighted that cryptocurrencies remain one of the few Trump-related trades that have not retraced. They noted that his administration\u2019s expected crypto-friendly<\/a> policies could lead to greater regulatory clarity in the US, further encouraging investment.<\/p>\n

Overall, as Bitcoin continues its uptrend, some predict <\/a>that BTC could reach the $100,000 milestone by the end of the year, driven by a combination of favorable market conditions and growing institutional adoption.<\/p>\n

At the time of writing, the market\u2019s leading crypto is trading at $82,479, up 20% in the past week alone.\u00a0<\/p>\n

Featured image from DALL-E, chart from TradingView.com<\/p>","protected":false},"excerpt":{"rendered":"

On Monday, business intelligence firm Microstrategy announced the purchase of additional Bitcoin (BTC) as the largest cryptocurrency on the market hit a new all-time high of $82,500, with increased inflows into various sectors of the ecosystem over the past week.\u00a0 MicroStrategy Now Holds Nearly $23 Billion In Bitcoin In a social media post by Bitcoin […]<\/p>\n","protected":false},"author":0,"featured_media":19583,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-19582","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/19582"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=19582"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/19582\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/19583"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=19582"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=19582"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=19582"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}