Major cryptocurrencies had a strong recovery during the last day, with the global crypto market cap increasing by 1.5%. Bitcoin rocketed through the $30,000 price threshold before marginally correcting to trade at $29.4K today.
MicroStrategy founder Michael Saylor reported that his company purchased additional 467 BTC tokens in July for $14.4 million, giving the largest cryptocurrency a significant boost.
Bitcoin’s lack of gain in recent weeks has irritated cryptocurrency traders. Despite its recent spike, it is still trading in the $29K – $30K price range.
Investors are now seeking for new tokens that can outperform the sluggish crypto market, with XRP20 emerging as a prominent contender. In less than a day, the token has already surpassed the $100,000 milestone in the presale.
Despite recent lack of volatility, Michael Saylor remains bullish on Bitcoin.
Michael Saylor’s MicroStrategy is one of the world’s largest Bitcoin holders. Its July purchase of 467 tokens brings its total BTC holdings to 152,800 tokens worth $4.5 billion.
Furthermore, according to the most recent SEC filing, the business sold $750 million in Class A common stock and plans to utilize the funds to buy more BTC tokens.
MicroStrategy’s accumulation strategy has historically been optimistic on Bitcoin. At the present price, $750 million would equate to the purchase of an additional 25,380 BTC tokens, which may provide a significant boost and raise hopes that Bitcoin could finally break above the $31,000 resistance mark.
Saylor is a great fan of Bitcoin, proclaiming it the best asset in the world on many occasions. Despite the recent lack of upside, he remains bullish on Bitcoin, which is not surprising given his BTC accumulation last year despite the ensuing terrible market.
However, Saylor is now joined in his backing for the largest crypto asset by big money TradFi institutions. Bitcoin experienced a significant bullish surge in June, when asset management firm BlackRock applied for a spot BTC ETF. Other major financial organizations, like Citadel, Charles Schwab, Fidelity, and Valkyrie, have entered the market to offer BTC trading.
Because of its global demand, Larry Fink, CEO of BlackRock, recently stated in a CNBC interview that Bitcoin will surpass every international currency. A recent BlackRock research paper also recommended an optimal BTC allocation of 80-100% to its investors.
According to Glassnode, an on-chain analytics provider, Bitcoin’s long-term holder supply achieved a new all-time high by the end of July, demonstrating that mature and wise money investors continue to retain the currency.
Retail investors, on the other hand, are growing impatient with BTC’s lack of development, since the token has fallen 4% in the last month.
Cryptocurrency experts Michael van de Poppe and CryptoCon believe Bitcoin is already in a new bull cycle and will experience a spectacular rise at any point. Similarly, long-term cryptocurrency analysts anticipate that the BTC price is poised for a significant increase and will peak in the fourth quarter of 2025.
Please note that this article does not offer any instructions or suggestions regarding investment decisions. It is important for you to conduct your own research or seek professional advice from a qualified professional before conducting an investment decision.