Bitcoin

<div class="coinjournal"> 
 <ul> 
  <li>Bitcoin is defending the $26k after the recent MicroStrategy’s latest BTC purchase.</li> 
  <li>Concerns over the US dollar’s impact on BTC may be overstated by investors.</li> 
  <li>Coinbase holds about 5% of the total bitcoin in circulation.</li> 
 </ul> 
 <p>MicroStrategy’s recent acquisition of Bitcoin worth nearly $150 million has made waves in the cryptocurrency market, causing a notable shift in Bitcoin’s <a rel="dofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> dynamics.</p> 
 <p>The move was a demonstration of MicroStrategy, a prominent business intelligence firm led by CEO Michael Saylor, of its strong commitment to Bitcoin. The recent Bitcoin <a rel="dofollow" title="purchase" href="https://thebittimes.com/tag/purchase.html">purchase</a> sent ripples throughout the cryptocurrency world.</p> 
 <h2 id="a-boost-to-bitcoin-price">A boost to Bitcoin price</h2> 
 <p>Before MircoStrategy’s <a rel="dofollow" title="BTC" href="https://thebittimes.com/tag/btc.html">BTC</a> acquisition announcement, Bitcoin had briefly dipped below the $26,000 level, around which it has been hovering for a week. However, as soon as news of the <a rel="dofollow" title="purchase" href="https://thebittimes.com/tag/purchase.html">purchase</a> became public, Bitcoin <a rel="dofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> saw a significant upward movement, gaining several hundred dollars in value and hitting a daily high of $26,421.51.</p> 
 <p>In addition to MicroStrategy’s purchase, China’s Shanghai People’s Court also recently made a significant announcement recognizing Bitcoin as a distinctive digital currency, despite the country’s established ban on cryptocurrencies. This recognition has garnered attention, notably due to Justin Sun, the founder of Tron, drawing attention to the Shanghai No. 2 Intermediate People’s Court’s recent publication, which outlines key characteristics of Bitcoin.</p> 
 <p>The Shanghai court clearly distinguished Bitcoin from virtual counterparts like Q coins, emphasizing its unique attributes. These include Bitcoin’s scarcity, widespread global acceptance, and intrinsic monetary qualities. This acknowledgement represents a notable departure from China’s traditional classification of cryptocurrencies primarily as speculative investments.</p> 
 <p>The recognition by the Shanghai People’s Court marks a shift in how Bitcoin is officially perceived within the Chinese legal system. While the ban on cryptocurrencies remains in place in China, this recognition of Bitcoin’s distinct nature as a digital currency signifies a nuanced perspective on its role and significance within the broader financial landscape. It highlights the evolving discourse surrounding cryptocurrencies in China and their potential utility beyond speculation.</p> 
 <h2 id="bitcoin-s-resilience">Bitcoin’s resilience</h2> 
 <p>Despite the volatility in recent weeks, Bitcoin has shown resilience. Last week, it reached a 20-day high at $27,500, only to experience a drop to $26,400 by the end of the business week, partly influenced by the US Federal Reserve’s latest meeting.</p> 
 <p>The weekend remained relatively stable, with Bitcoin maintaining a level of around $26,600. However, Monday started on a bearish note, leading to a temporary dip below $26,000.</p> 
 <p>MicroStrategy’s announcement acted as a catalyst, helping Bitcoin recover from this low point. While MicroStrategy’s continuous accumulation of Bitcoin strengthens the company’s position as a major institutional investor in the cryptocurrency, it also underscores the growing acceptance of Bitcoin as a valuable digital asset.</p> 
</div>
<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/microstrategy-s-latest-btc-purchase-sets-bitcoin-price-in-motion-tbt64024.html">https://thebittimes.com/microstrategy-s-latest-btc-purchase-sets-bitcoin-price-in-motion-tbt64024.html</a></p>

MicroStrategy’s latest BTC purchase sets Bitcoin price in motion

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TheBitTimes

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