The surge in Bitcoin in the past 24 hours or so has been attributed to buying from Microstrategy.
Adam had this info on Monday US time, but ICYMI:
- Bitcoin breaks the range to hit $53,000 for the first time since 2021
More:
Microstrategy bought around $155mn of BTC
- bought around 3000 BTC between February 15 and 25
- price was around 51813 USD
- the firm (and subsidiaries) now holds around 193K BTC
Now, all the above is merely an elaboration on the ‘more buyers than sellers’ explanation. Which the pedants hate, but price responds to demand and supply, and here we are.
A more ‘fundamental’ reason is the impending halvening, which has backstopped BTC. I posted on this here, way back in 2023:
- Bitcoin, rising in price to over USD50K due to a ‘halvening’ (some call it ‘halving’)
And even Goldman Sachs caught on:
- Goldman Sachs on the scooping up of crypto by institutions in 2023
Bitcoin update:
This article was written by Eamonn Sheridan at www.forexlive.com.
