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Microstrategy Buys Another $489 Million Worth Of Bitcoin

Microstrategy Buys Another $489 Million Worth Of Bitcoin

Microstrategy bought on Monday 13,005 Bitcoins worth about $489 million at an average price of $37,617 per <a class="wpg-linkify wpg-tooltip" title="

Coin

A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.

» Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin.

Now the business owns a total of 105,085 BTC that they bought for $2.74 billion. The average price per <a class="wpg-linkify wpg-tooltip" title="

Coin

A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.

» Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin comes out to be $26,080.

Microstrategy’s CEO Makes Bitcoin Acquisition Second Business

Microstrategy’s primary business is software development. Michael Saylor, the CEO of the company, has added Bitcoin acquisition as a second mandate.

BTC is down 8% to about $33k today as a result of China’s continued crackdowns on mining hubs. As Microstrategy’s stock is tied to BTC, it too fell over 6%.

As of right now, the 105,085 BTC that Microstrategy holds is worth more than $3 billion. The software company acquired them at an average price of $26,080 per <a class="wpg-linkify wpg-tooltip" title="

Coin

A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.

» Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin including fees and other expenses.

Microstrategy had to take debt offerings so that the firm could pick up more coins, and they seem to have doubled down even more on their Bitcoin pursuits after the $489 million buy today.

Regarding their BTC business, Saylor says:

We rotated our shareholder base and transformed ourselves into a company that’s able to sell enterprise software and to acquire and hold bitcoin, and we’ve done it successfully with leverage.

The software developer has also decided to sell more stock worth $1 billion so that they can fund more Bitcoin purchases

All these purchases have been a big benefit for the company as the year-on-year revenue jumped to 10%. Saylor says:

That has increased the power of the brand by a factor of 100. We just had our best software quarter … in the last 10 years last quarter

Related Reading | MicroStrategy Receives Over $1.5B In Orders For $500M Notes To Fund Bitcoin Purchases

Microstrategy has also seen the benefit in terms of stock value. In August last year, when they first started buying BTC, their stock price was around $120. Today, it is $580, a sharp increase of over 400%.

The bitcoin business is driving shareholder returns. I think the employees are happy. The shareholders are happy.

Bitcoin Price

BTC is down to $32,195 today. This value is 19% down compared to last week. While over the entire month, its down slightly less, around 15%.

Here is a chart that showcases the current trend:

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BTC shows a downward trend, again | Source: BTCUSD on TradingView

It looks like the market is bearish right now, and it’s unclear when it would change for the better.

China’s crackdowns on crypto seem to be having a major effect on the price of BTC so the future of the market probably depends on that as well. Right now, China doesn’t seem to be slowing down.

Related Reading | Bitcoin Mining In China To Usher Historic Moment, Will BTC Be Affected?

Some experts believe the market could correct itself to 1/2 of the value at $17k, and only after that a bullish pattern will make a return.

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2.3 Million UK Adults Hold Crypto Assets: FCA

2.3 Million UK Adults Hold Crypto Assets: FCA

The United Kingdom’s Financial Conduct Authority (FCA) on Thursday published a consumer research report on crypto assets, revealing that 2.3 million adults in the country are now holding digital assets. This number was at 1.9 million at the end of 2020.

The report highlights the penetration of crypto assets among regular retail investors, and attitudes towards such assets are changing. 

It outlines that 78 percent of UK adults have heard of crypto assets, jumping from 73 percent over a year. Additionally, only 38 percent of the survey participants consider crypto as a gamble, which is down from 47 percent last year. Most of the participants regarded cryptos as an alternative investment vehicle.

“The research highlights increased interest in crypto assets among UK customers. The market has continued to grow, and some investors have benefitted as prices have risen,” said Sheldon Mills, FCA’s Executive Director of Consumers and Competition.

Understanding of Crypto Is Declining

However, the results are a bit of concern as well. The overall understanding of crypto assets has declined, with only 71 percent of the survey participants correctly identifying the definition of crypto assets.

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The FCA has been overseeing the UK’s crypto-asset market and actively issuing warnings against the risks of investing in such assets. Only 10 percent of the respondents aware of cryptocurrencies also know about the FCA warnings and 43 percent among them were discouraged from purchasing cryptos.

But, the enthusiasm regarding cryptos is clearly increasing as more than half of the participants had a positive experience from crypto investments, while only 11 percent regret their decisions.

Interestingly, crypto investments are increasing despite a majority of the consumers recognize that crypto investments are not protected.

“It is important for customers to understand that because these products are largely unregulated that if something goes wrong they are unlikely to have access to the FSCS or the Financial Ombudsman Service. If consumers invest in these types of products, they should be prepared to lose all their money,” Mills added.

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Survey: Hedge Funds Intend To Hold $300 Billion In Crypto Within 5 Years

Survey: Hedge Funds Intend To Hold $300 Billion In Crypto Within 5 Years

A global survey of Chief Financial Officers has revealed that hedge funds are planning to hold 7% of their wealth in crypto within the next 5 years.

Reuters has described the survey results as a major vote of confidence for cryptocurrency assets within the current market environment.

The Hedge Funds Crypto Survey

Financial administrator Intertrust conducted the survey with over 100 CFOs participating from all over the globe. Chief Financial Officers, or CFOs, are executives who are responsible for managing their company’s finances.

As per Intertrust, the results of the survey indicate that hedge funds plan to increase their crypto assets in the next five years.

An average figure based on the responses shows that by 2026, funds aim to keep $313 billion in digital assets, which is around 7.2% of their total assets.

Related Reading | Nearly 1% Of Bitcoin Supply Is Now Wrapped In Ethereum

Another interesting finding from the poll is that 17% of the survey takers believe their funds will work with at least 10% of their assets as crypto, a figure that is around 3% higher than the average.

It’s unclear what the current crypto holdings by the funds look like, but one thing worth noting is that many big-names in the sector seem to already have invested appreciable amounts in digital assets.

Increasing Interest In Cryptocurrency

While huge volatility and uncertainty over regulation keep the majority of traditional asset managers skeptical about cryptocurrency, the hedge funds survey shows that there is still a growing interest in digital assets.

Executive Director at Quilter Cheviot Investment Management says hedge funds “are well aware not only of the risks but also the long-term potential” of crypto assets.

Related Reading | MicroStrategy Receives Over $1.5B In Orders For $500M Notes To Fund Bitcoin Purchases

Examples of firms that have already invested in digital assets include Man Group, Brevan Howard, and Renaissance Technologies. Some of the big-name fund managers who have also committed are Alan Howard and Paul Tudor Jones.

Another prominent case is Skybridge Captial, a US-based firm setup by Anthony Scaramucci, that invested into Bitcoin late last year. Due to trimming their investment early in April, Bitcoin became the largest contributor of their gains.

Overall, it is clear that there is a growing enthusiasm towards crypto assets in the industry.

Bitcoin Price

At the time of writing, Bitcoin price hovers over $39,280. The asset is down 11% in the past 30 days, but up 12% in the past 7 days. Here is a chart noting the change in the price of the cryptocurrency:

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Bitcoin seems to be on an upward trend | Source: BTCUSD on TradinvView

While BTC seems to be back on track for going up, it’s not yet clear whether we are looking at a bullish market. Some experts believe we may be witnessing a bull trap.

Featured image from Unsplash, chart from TradingView

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Synthetix Price Reaches $10.28 after 1% Uptrend – Where to Buy SNX

Synthetix Price Reaches $10.28 after 1% Uptrend – Where to Buy SNX

Synthetix is a protocol that allows the trading and issuing of synthetic assets on the Ethereum network. The Synthetic protocol is powered by the SNX token, which has created a space for itself in the rapidly growing crypto market. At the moment, SNX is stabilizing in its value. At the time of writing, the SNX token is trading at $10.28, a 1% gain in value.

SNX Price Analysis

SNX Price Analysis 15 June
Source: TradingView

Looking at the chart above about SNX, it is clear that the token has not been doing well since May. The May crash led to a decreased token value, and SNX has since been unable to recover. However, the coin may soon push past the bears, and it may increase to higher values.

SNX still needs overwhelming support from the broader cryptocurrency market because it is one of the factors that will boost its value. Following the recovery of bitcoin, altcoins seem to be recovering, and it remains to be seen whether SNX will pick up the trend. DeFi projects have been shaping the crypto market, and with Synthetix venturing into the sector, it may create a strong future for the token.

The candlestick chart above shows that in the past 24 hours, the token has created an inverted hammer, which indicates that the coin will create a bearish trend in the coming days. For the token to resume a bull trend, it needs to push past higher resistance levels. If it manages to reach $15, it will create a buy from retail investors who want to leverage profits. However, the coin will need overwhelming support for it to reach $15.

Synthetix gained popularity in April this year when the platform allowed its users to trade leading stocks belonging to tech companies. The news was received gladly by traders who wanted to gain exposure to crypto trading when they were at a lower risk of enjoying returns.

Where to Buy SNX tokens

To buy SNX tokens, create an account on any of these exchanges:

eToro makes it possible for you to buy tokens that you can easily sell. The exchange is highly reputable because of its unique set of features. Furthermore, it also allows copy trading so that new traders can copy the trading strategies of seasoned traders in the crypto market.

The other cryptocurrency exchange that supports SNX is OKEx. The exchange offers competitive trading fees that make it easy for new traders to maximize profits. The exchange is also supported in many countries.

Looking to buy or trade Crypto now? Invest at eToro!

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Which Cryptocurrency Will Explode June 2021 Week 3

Which Cryptocurrency Will Explode June 2021 Week 3

The week started with cryptocurrencies turning green across the board, but which cryptocurrency will explode as the market sentiment turns more positive? We have the answers.

Bitcoin price led the lot by stepping above $40,000 on Monday, but the uptrend did not make it to $43,000. Ethereum’s price closed the gap to $2,700 before settling above $2,500.

Ether’s recoil was a significant move following last week’s support at $2,400. On the other hand, the international money transfer token Ripple continues with the consolidation between $0.8 and $0.9.

Some selected altcoins are no longer gasping for air in the wake of the previous week’s selloff. For instance, Polkadot price spiked over 15% to exchange hands around $26 before correcting to $24, while MATIC price spiked to $1.7 after adding over 15% to its value, according to the data by CoinGecko. Other tokens performing incredibly well include Amp (up 34%), Klaytn (up 12%), and Safemoon (up 15%).

As the week progresses, various crypto assets are expected to extend the bullish action. The list is extensive, but this article draws attention to Ethereum (ETH), Ripple (XRP), Aave (AAVE), and Binance Coin (BNB).

Ethereum Price Readies For Colossal 40% Upswing to $4,000

Ethereum price has lifted above several key levels since the beginning of the week, including the 50-day Simple Moving Average (SMA) on the four-hour chart, the 100 SMA, and $2,600. However, seller congestion at $2,650 curtailed the uptrend.

Meanwhile, the largest altcoin trades slightly below $2,600 ahead of a potentially massive breakout from the ascending triangle. This technical pattern is regarded as bullish in technical analysis. It can function as a continuation and a bullish reversal pattern.

Two trend lines characterize the ascending triangle, linking the relatively equal peaks and the higher lows. As the lines meet, consolidation is experienced. Finally, the Ethereum price cracks the horizontal (x-axis) resistance.

ETH/USD 4-four Chart

ETH/USD price chart
ETH/USD price chart by Tradingview

Realize that triangles usually have exact breakout targets measured from the patterns’ highest to lowest points. Therefore, ETH could be heading toward a 40% upswing to price levels of around $4,000.

Ethereum’s uptrend has been validated by relatively weak on-chain resistance, as the IntoTheBlock’s IOMAP model highlights. This transaction model shines a light on the region running from $2,590 to $2,667. Here, nearly 277,500 addresses previously purchased 3.54 million ETH. With minor boosts, Ethereum’s price could jump above this zone for gains heading toward $3,000.

Ethereum IOMAP Model

Ethereum IOMAP model
Ethereum IOMAP model by IntoTheBlock

On the downside, Ether sits on top of a massive support area running from $2,430 to $2,508. Here, around 458,000 addresses previously bundled up 10.5 million ETH. Note that cracking through this zone will not be easy for bears; hence the least resistance path is upward.

Ripple Price On The Periphery A Technical Explosion To $1.34

Ripple price is stuck in consolidation at the time of writing. Support at $0.8 is robust, preventing losses from extending to $0.65 (May’s support). On the upside, $0.9 hinders price action north.

Meanwhile, Ripple price dodders at $0.88 and is within the confines of a symmetrical triangle pattern. As the two trend lines forming the triangle converge, a consolidation period comes into the picture.

However, a breakout soon approaches either above or below the symmetrical triangle. A break above the upper trend line marks an uptrend while striking beneath the lower trendline is a bearish signal.

XRP/USD 4-hour Chart

XRP/USD price chart
XRP/USD price chart by Tradingview

If Ripple price closes the day above the 100 SMA, a breakout to $1.34 will likely come into play. Besides, massive buy orders would be triggered if Ripple reclaims the ground above $1.

The Moving Average Convergence Divergence (MACD) indicator adds credence to the bullish outlook after moving into the positive region. Besides, the MACD line crossing above the signal paves for more buyers to join the market.

How Aave Price Could Quickly rise to $440

Aave price uptrend from June’s lowest support at $265 failed to overcome the seller congestion at the 100 SMA on the four-hour chart this week, leading to a correction toward $300. Hence, the decentralized finance (Defi) token teeters at $315 at the time of writing.

The rejection at the 100 SMA notwithstanding, the SuperTrend indicator flashed a buy signal on Monday. This is a chart overlay tool resembling a moving average only that it considers the asset’s volatility.

A buy signal implies that trades will be contemplating taking long positions, supporting the bullish price action in the near term. Besides, the MACD has a bullish Impulse, adding credibility to the impending upswing.

AAVE/USD Four-hour Chart

AAVE/USD price chart
AAVE/USD price chart by Tradingview

The IOMAP on-chain model reveals that Aave price has a smooth path to the seller congestion in the region between $433 and $471. Here, 6,400 addresses previously bought 2.48 million AAVE. If this hurdle comes down, we can expect Aave price to soar beyond $500.

Aave IOMAP Model

Aave IOMAP model
Aave IOMAP model by IntoTheBlock

On the flip side, the Defi token sits on top of immense support areas, as highlighted by the IOMAP. The initial anchor zone lies between $221 and $270, whereby 1,900 addresses previously scooped up 3 million AAVE. It would be a daunting task for sellers to make their way through this region in the short term.

Binance Coin Price Needs This Key Support To Rally To $440

Binance Coin, the native coin of the crypto trading platform Binance exchange, is hunting for support at the 100 SMA on the four-hour chart. If this buyer congestion is lost, the last resort would be the 50 SMA in the same timeframe.

Note that the MACD has a massive bullish outlook based on the move above the zero line. Additionally, the MACD line (blue) recently crossed above the signal line, compelling more buyers to reenter the market. Sustaining the overall technical picture would bolster Binance Coin price above the critical resistance at the 200 SMA.

BNB/USD 4-hour Chart

BNB/USD price chart
BNB/USD price chart by Tradingview

A four-hour close above the 200 SMA is needed to validate the upswing above $400. Finally, trading above this level is bound to trigger more buy orders as investors speculate an upswing past $440 and $500, respectively.

Looking to buy or trade Binance Coin (BNB) now? Invest at eToro!

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