Bitcoin has recently surged past $102,700, reaching its highest price in three weeks. After briefly falling below $93,000 just a week ago, Bitcoin has bounced back with an impressive 9% rise this week. This price jump has sparked hopes that Bitcoin could soon hit its previous all-time high of $108,000.
One of the key factors driving Bitcoin’s rise is the decision by major players like MicroStrategy and Metaplanet to buy more BTC. On January 6, MicroStrategy announced it had recently purchased 1,070 BTC for $101 million.
While this is smaller compared to their previous multi-billion-dollar buys, it’s still considered a positive signal for Bitcoin’s market outlook.
Currently microstrategy
Metaplanet Increases Bitcoin Holdings
In a similar move, Japanese investment firm Metaplanet is also increasing its Bitcoin holdings. They plan to boost their stash to 10,000 BTC, a five-fold increase from their current holdings.
Metaplanet has been actively acquiring Bitcoin throughout 2024, including a recent purchase of 619.7 BTC on December 23.
In addition to this, Gemini announced a settlement of a 2022 lawsuit with the Commodity Futures Trading Commission (CFTC). The exchange paid a $5 million fine without admitting to any wrongdoing over Bitcoin price manipulation claims. While this legal matter is ongoing, it hasn’t stopped the market from rallying.
Moreover, Bitcoin ETFs have seen massive inflows recently according to Farside. On January 3, U.S. spot Bitcoin exchange-traded funds (ETFs) registered a huge $908 million in inflows. This was followed by another large inflow on January 6, totaling $978.6 million.
Leading the charge are firms like Fidelity, BlackRock, and Ark Investment, which have been investing millions in Bitcoin ETFs. These inflows are seen as a sign of growing institutional confidence in Bitcoin.
With Bitcoin’s price rising by 3.2% in the last 24 hours, reaching $101,669, investors are now looking for Bitcoin to break past $105,000. If Bitcoin can hold above this level, it could move closer to its all-time high of $108,384, making this recent surge even more significant.
As Bitcoin recovers from weeks of lower momentum, its upward movement could continue, keeping the market excited about what’s next.
With Bitcoin’s recent recovery and institutional interest, there’s potential for it to surpass its previous all-time high of $108,000.
MicroStrategy’s $101 million BTC purchase contributed to Bitcoin’s recent price boost, highlighting institutional confidence.
Gemini settled a lawsuit with the CFTC over Bitcoin price manipulation claims, paying a $5 million fine without admitting wrongdoing.
As the crypto market steadily recovers and interest in smaller-cap tokens grows, a handful of…
Amid ongoing volatility, LINK, the native token of Chainlink, is poised for a notable price…
The overall cryptocurrency market has been confusing traders and investors due to its immense volatility…
The recent decision by Donald Trump to pause tariff increases, along with signs that inflation…
After trading in red for the past few weeks, the crypto market is showing signs…
VanEck has filed a request to launch an $AVAX ETF on Nasdaq, aiming to expand…
