- MicroStrategy expands its Bitcoin holdings to 402,100 BTC with a $1.5 billion purchase at $95,976 per coin.
- Tether boosts market liquidity, minting $1 billion USDT, reinforcing Bitcoin’s bullish trend.
- Bitcoin eyes $110,000 as the next target, with $130,000 seen as a potential peak.
Bitcoin (BTC) is firmly holding its position near $95,000 and building anticipation for a breakthrough above the critical $100,000. For a long time, this level has been viewed as important, both psychologically and by market indicators, to reflect Bitcoin’s maturity while gaining wider acceptance internationally.
The broader cryptocurrency market has been invigorated by Bitcoin’s strength, with rising trading volumes and investor interest signaling a bullish trend. As of now, Bitcoin is trading at $95,476, reflecting a 0.42% increase in the past 24 hours. With a trading volume of $112.80 billion and a market capitalization of $1.89 trillion, Bitcoin commands 54% of the total crypto market, reinforcing its role as a market leader.
MicroStrategy Deepens Its Bitcoin Commitment
Institutional adoption remains a key driver of Bitcoin’s rise: MicroStrategy, already a leading pioneer among corporations embracing BTC as a strategic asset, has further cemented its position by acquiring an additional 15,400 BTC for $1.5 billion. The average purchase price of $95,976 showcases that the company is confident in BTC’s long-term potential despite its present elevated levels.
This latest purchase brings MicroStrategy’s total holdings of BTC to an impressive 402,100 BTC. The company’s investment in Bitcoin has reached cumulative status and is currently valued at around $23.4 billion, with an average acquisition cost per coin of $58,263.
All the efforts by MicroStrategy so far underscore growing confidence on the institutional level concerning BTC as an inflationary hedge and store of value. This move has strengthened MicroStrategy’s position and sent ripples into the market, strengthening investor sentiment to consider BTC a viable addition to its portfolio.
Tether’s Stablecoin Expansion Bolsters Market Liquidity
Stablecoins like Tether’s USDT play the most important role in the Crypto ecosystem for seamless transactions to provide liquidity. Recent data from Lookonchain uncovers that Tether minted $1 billion more USDT just in the last few hours, adding to the supply of $16 billion of USDT minted on Ethereum and Tron networks since November 6, 2024.
This influx of USDT increases trading activity and supports the wider market, allowing investors to move their money around and capitalize on market opportunities easily. Tether’s continued printing of USDT has become a staple of market liquidity, especially during periods of high activity, and has helped BTC maintain its upward trajectory.
Bitcoin Targets $110K and Beyond
Attention shifts to the next probable milestones that BTC is likely to achieve. For one, $94,000 has proved a solid support level, while market participants set their eyes on $110,000 as the next probable target. In the event of sustained momentum for BTC, it can even scale as high as $130,000, which is quite an upside from current levels.
Related | Central Bankers’ Declining Interest in CBDCs Despite Research Growth
