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MicroStrategy buys 27,200 BTC worth over $2 billion; Bitcoin spikes above $84k

MicroStrategy, the business intelligence company founded by Michael Saylor that;s now the biggest corporate holder of Bitcoin (BTC), has added to its haul of the digital asset.

On Monday, Saylor announced that the publicly-traded company had acquired another 27,200 BTC for over $2 billion. The news coincided with the surge in Bitcoin price – which reached a new all-time high above $84k.

Earlier, the world’s largest and most popular cryptocurrency had traded to above $82k. This follows sentiment from the Donald Trump election victory, which continues to create a bullish buzz.

MicroStrategy its $22 billion in BTC purchases

The latest Bitcoin purchase for MicroStrategy comes after the company raised $2.03 billion. Earlier, MicroStrategy had revealed plans to raise $42 billion to buy more bitcoins – a scenario that has added to the overall bullish sentiment around the benchmark cryptocurrency.

Saylor said his company spent these proceeds on buying an additional 27,200 BTC. With this acquisition, which was finalized at the average price of $74,463, MicroStrategy now has a total of 279,420 bitcoins.

In total, the company has spent $11.9 billion to buy BTC at the average price of $42,692 per coin. At current price of $84,153, MicroStrategy’s Bitcoin holdings amount to over $23.5 billion.

The BTC has achieved a yield of 7.3% quarter to date and 26.4% year-to-date.

“Our MSTR treasury operations in the first 10 days of November resulted in a BTC Yield of 7.3%, a net benefit to our shareholders of ~18,410 BTC,” Saylor posted on X.

The post MicroStrategy buys 27,200 BTC worth over $2 billion; Bitcoin spikes above $84k appeared first on CoinJournal.

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Over 40,000 BTC leave exchanges as Bitcoin hits $82k

  • Bitcoin rose to a new all-time high above $82 on November 11, 2024
  • Over 40,000 Bitcoin valued at nearly $3.28 billion have left exchanges in the past week.

The price of Bitcoin (BTC) has climbed to a new record high above $82,000 as the momentum that pushed cryptocurrencies higher continues to dictate sentiment.

On Monday, BTC reached highs of $82,329 across major exchanges to put the flagship digital asset up more than 20% over the past week.

The gains have also impacted altcoins, with notable performances for Ethereum that has crossed above $3,100 and Solana that’s eyeing a new year-to-date high. Cardano, BNB and meme coins Dogecoin and Shiba Inu are also trading higher.

Over 40,000 BTC leave exchanges

According to crypto analyst Ali Martinez, Bitcoin’s spike to the new ATH comes as the amount of BC leaving exchanges surges.

In the past week, Ali noted via X, bullish BTC holders have withdrawn over 40,000 bitcoins from exchanges. This represents nearly $3.3 billion worth of Bitcoin exiting from exchanges. Exchange balances for Bitcoin have plummeted in the last seven days.

Bitcoin exiting exchanges has increased this past week. Chart by Ali Martinez on X

The bullish sentiment across the market could be driving this trend. Donald Trump’s US election victory and interest rate cuts are two major catalysts. Meanwhile, institutional demand amid spike in spot ETF inflows has also helped BTC past the $82k mark.

What next for Bitcoin price?

BTC price forecasts suggest a surge to $100k is possible before the end of the year. With this outlook in place, a huge number of traders taking a short term bearish view after recent gains have lost significant amounts of money.

Per Coinglass data, the past 24 hours have seen the crypto market a staggering $270 million in liquidations.

However, longs expecting an even sharper spike for Bitcoin have recorded a $361 million liquidations. In total, more than 208,800 traders have been liquidated in the past 24 hours, the total liquidations comes in at $632.57 million, with $124 million in Bitcoin shorts.

The post Over 40,000 BTC leave exchanges as Bitcoin hits $82k appeared first on CoinJournal.