![]() The business intelligence company now holds more than $4.14bn worth of Bitcoin.Michael Saylor’s MicroStrategy has acquired around 6.5k BTC for a price of around $150m over the last month.And with $35bn having been added to crypto’s market cap since the start of the week, it would seem that the confidence in the sector is beginning to be restored.īTC/USD - Michael Saylor’s MicroStrategy Doubles Down on Bitcoin Bet, Holdings Reach $4bn ![]() Another factor contributing to optimism in the crypto market is signs that inflation is starting to ease up – allowing investors to make more speculative investments. The collapse of Silicon Valley Bank, the acquisition of Credit Suisse by UBS, and subsequent concerns surrounding the banking sector have been playing a role in BTC’s resurgence as a potential safe haven asset from factors affecting traditional finance. Bitcoin has already logged an 81% gain since the year began, and analysts suspect that 2023 might hold further upside for the cryptocurrency. What’s causing the rise? BTC has been on a roll since the beginning of the year and has been taking the wider crypto market along with it. A slowdown in economic growth in traditional finance markets also seems likely to add further fuel to Bitcoin’s rally as investors turn to hedge assets amid economic uncertainty. BTC investors are beginning to feel slightly more optimistic about the potential for the US Federal Reserve to ease up on the raising of interest rates as the year progresses. The $30k level had been a point of resistance for the world’s largest cryptocurrency, as the market battled to recover from its downfall last year which had been worsened by the collapse of FTX in November. Return of the Bitcoin bulls Bitcoin managed to break through the $30,000 mark yesterday, for the first time since June last year. Some analysts have predicted that BTC is likely to continue its upward trajectory as the year progresses.Concerns surrounding the banking sector have been playing a role in the coin’s resurgence.Bitcoin managed to break through the key resistance point of $30,000 yesterday.BTC/USD: Bitcoin Breaks Through the $30k Mark in Bullish Sign for Market Recovery
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