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Bitcoin Tops $59,000 After MicroStrategy Buys 7000 BTC for $414M

Bitcoin Tops $59K

Created by TradeOr

3rd Party Analysis 30 Nov 2021

Key Takeaways:

  • Bitcoin price advances above $59,000 early Tuesday as traders ease concerns over Omicron
  • Michael Saylor’s MicroStrategy has purchased 7,002 BTC for $414 million in the past two months

What’s Today’s News in Crypto?

Bitcoin, the world’s biggest cryptocurrency, climbed above $59,000 early on Tuesday as traders eased their concerns over omicron. In more detail, reports revealed symptoms from the new Covid-19 variant so far have been mild. To this end, crypto traders felt more confident to return to those discounted tokens and buy the dip.

As a result, major crypto assets were lifted from their weekend lows as they kickstarted the trading week with gains. Bitcoin, for example, pushed to a session high of $59,100 per coin. Later, however, upside momentum faded and the orange coin retreated to lower levels.

Ether, the second-biggest crypto in the market, rallied 14% over the past three days and crossed $4,500 per coin. Presently, the Ethereum token is trading near $4,440 as markets shift into gear for the session.

What’s the Price of Bitcoin?

Early on Tuesday, the price of bitcoin gravitates toward the $57,000 milestone with a session low of $56,000 per coin. Before the slight drop, the flagship cryptocurrency received a slight boost yesterday.

MicroStrategy, the business-intelligence software company increased its bitcoin stack by adding 7,002 BTC for a total price of $414.4 million in cash. The purchase, revealed by CEO Michael Saylor, was made during the period of Oct. 1 to Nov. 29.

“MicroStrategy has purchased an additional 7,002 bitcoins for $414.4 million in cash at an average price of $59,187 per bitcoin,” Mr. Saylor said on Twitter. He also added that his company now holds 121,044 BTC worth roughly $3.6 billion.

To raise the money for the latest bitcoin purchase, MicroStrategy sold 571,000 shares of its stock for $732.16 apiece. The company has been among the most vocal supporters of bitcoin on a corporate level. Previously, it had said it considered bitcoin “a dependable store of value.” On the other hand, Michael Saylor is a firm believer in the orange coin and oftentimes praises the cryptocurrency using his Twitter account.


How to Buy Bitcoin?

In that context, crypto circles, institutional investors and corporations working with bitcoin continue to believe in the future of crypto. As more and more players join the digital asset space, analysts project major tokens to continue moving higher.

To this end, be sure to check our cryptocurrency buying guide. In it, you will find out investing in digital assets is only a matter of a few clicks.