Bitcoin

Despite <a href="https://bitcoinist.com/microstrategy-x-account-hacked/" target="_blank" rel="noopener ">reports </a>of a hack on the X (formerly Twitter) social media account of <a href="https://bitcoinist.com/microstrategy-shifts-focus-to-bitcoin-development/" target="_blank" rel="noopener ">MicroStrategy</a>, a well-known enterprise software company headquartered in Tysons Corner, Virginia, the firm has once again increased its Bitcoin (BTC) holdings by purchasing an additional 3,000 BTC this month.&nbsp; 
<a href="https://www.bloomberg.com/news/articles/2024-02-26/microstrategy-s-saylor-buys-another-3-000-bitcoin-for-155-4-million-mstr" target="_blank" rel="noopener nofollow">According </a>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.&nbsp; 
<h2 id="microstrategy-continues-bitcoin-buying-spree">MicroStrategy Continues Bitcoin Buying Spree</h2> 
The transactions took place between February 15 and February 25, according to a <a href="https://www.microstrategy.com/press/microstrategy-acquires-additional-3000-bitcoins-and-now-holds-193000-btc_02-26-2024" target="_blank" rel="noopener nofollow">filing </a>with the US Securities and Exchange Commission (SEC) on Monday. As a result, MicroStrategy’s total Bitcoin holdings now stand at approximately 193,000 tokens. 
Co-founder of MicroStrategy, <a href="https://bitcoinist.com/michael-saylor-warns-public-on-rampant-scams/" target="_blank" rel="noopener ">Michael Saylor</a>, initiated the company’s Bitcoin buying spree in 2020 to hedge against inflation and diversify its cash reserves.&nbsp; 
In a recent <a href="https://bitcoinist.com/michael-saylor-to-buy-bitcoin-forever-details/" target="_blank" rel="noopener ">interview </a>on Bloomberg TV, Saylor emphasized his belief in holding onto the cryptocurrency, stating that “there’s no reason to sell the winner.” Since MicroStrategy began its Bitcoin acquisitions, the value of the cryptocurrency has surged by approximately 460%. 
The average price for the latest 3,000 BTC acquisition was $51,813, contributing to an average price of $31,544 for the company’s entire Bitcoin holding, as disclosed in the filing.&nbsp; 
On Monday, the Bitcoin price remained relatively stable around $51,100 in the early hours of trading, however, the market’s<a href="https://bitcoinist.com/microstrategys-massive-bitcoin-stash-hits-3-billion-in-unrealized-profit/" target="_blank" rel="noopener "> largest cryptocurrency</a> is showing signs of renewed bullish momentum and is currently trading at $52,800, representing a 2.5% increase in the past 24 hours. 
As the value of BTC continues to soar, MicroStrategy’s significant Bitcoin holdings have become a testament to the company’s foresight and belief in the cryptocurrency as a viable investment.&nbsp; 
How MicroStrategy will manage its Bitcoin holdings in the future remains to be seen. Nonetheless, Saylor’s comments suggest a long-term stance, indicating that the company does not plan to sell its Bitcoin anytime soon. 
<h2 id="btc-poised-to-break-previous-ath">BTC Poised To Break Previous ATH?</h2> 
Bitcoin is making significant strides towards reaching its previous 26-month high, according to co-founders Yan Alleman and Jan Happel of data intelligence firm Glassnode.&nbsp; 
After being stuck between $51,000 and $52,000 since February 15th, the cryptocurrency appears ready to break out beyond $53,000, with momentum showing a strong upward trend.&nbsp; 
<a href="https://x.com/Negentropic_/status/1762144021508493496?s=20" target="_blank" rel="noopener nofollow">According </a>to the Glassnode co-founder’s analysis, market sentiment is bullish, with expectations focused on the next price levels of $57,000 and $58,000 before hitting its all-time high (ATH) of $69,000, suggesting a continued rise and continuation of the current bull run. 
However, crypto analyst Michael Van de Poppe offers a contrasting perspective on the short-term outlook for BTC’s price. Van de Poppe expresses uncertainty about an immediate <a href="https://bitcoinist.com/bitcoin-price-deep-retracement-heres-when/" target="_blank" rel="noopener ">correction </a>in the cryptocurrency’s price.&nbsp; 
The analyst <a href="https://x.com/CryptoMichNL/status/1761844513927250297?s=20" target="_blank" rel="noopener nofollow">suggests </a>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 historically has influenced price movements in the cryptocurrency market. 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/MyXOmU1Z/" alt="Bitcoin " width="1815" height="858"> 
Featured image from Shutterstock, chart from TradingView.com

MicroStrategy Expands Bitcoin Treasury: Purchases 3,000 BTC, Total Holdings Reach 193,000

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