The surge in Bitcoin in the past 24 hours or so has been attributed to buying from Microstrategy.
Adam had this info on Monday US time, but ICYMI:
More:
Microstrategy bought around $155mn of BTC
- bought around 3000 BTC between February 15 and 25
- price was around 51813 USD
- the firm (and subsidiaries) now holds around 193K BTC
Now, all the above is merely an elaboration on the ‘more buyers than sellers’ explanation. Which the pedants hate, but price responds to demand and supply, and here we are.
A more ‘fundamental’ reason is the impending halvening, which has backstopped BTC. I posted on this here, way back in 2023:
- Cryptocurrency/heres-why-crypto-analysts-tip-btcusd-at-us50000-next-year-spoiler-halving-coming-20230424/”…
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