Bitcoin Retests $12k – Massive $250k Bet Is Already Paying Off, Forbes Says
The crypto market looks pretty great today with the most important coins trading in the green.
At the moment of writing this article, BTC is also trading in the green and the king coin is retesting $12k.
BTC is currently priced at $11,911.03.
MicroStrategy bought $250 million worth of BTC
It’s been recently reported that the NASDAQ-listed firm MicroStrategy bought more than 21k BTC for $250 million to offer a “reasonable hedge against inflation.”
This is seen over $100 million added to its value since the purchase has been revealed.
“Our investment in bitcoin is part of our new capital allocation strategy, which seeks to maximize long-term value for our shareholders,” MicroStrategy chief executive Michael Saylor stated.
He added that the company believes BTC “is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash.”
He also said that Bitcoin is “superior to cash,” and he addressed the “macro factors” including the “coronavirus pandemic, global quantitative easing measures, political and economic uncertainty, and bitcoin’s technical and qualitative properties.”
We suggest that you check out the complete article posted by Forbes.
Bitcoin bull run incoming
Not too long ago, Kraken crypto exchange noted the fact that BTC’s annualized volatility fell to 23% on July 24th.
The report also made sure to highlight that every time Bitcoin’s annualized volatility falls between 15% – 30%, which Kraken calls the “suppressed pocket,” sharp moves to the upside are just around the corner.
We recommend that you check out the complete report in order to learn all the details.
There are all kinds of bullish predictions about the price of BTC these days, so stay tuned for more. These started popping up, especially after BTC was able to hit $10k and $11k and maintain its position for an extended period of time.
Cointelegraph noted that the clear resistance levels are structured at $11,700-$11,800 and $11,950-$12,050.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.