The latest news on Bitcoin

The latest news on Bitcoin

Bitcoin

The leading digital currency is holding ground as always among analysts in the crypto world who praise its resilience despite the many failures of companies in the sector that have characterized this 2022: for Bitcoin, positive news is also coming from the investment front.

As the year draws to a close, a focus on the most highly capitalized crypto, the flywheel of the industry, is obligatory.

At the time of writing this article, Bitcoin is at $16,570.80 up slightly since yesterday by 0.19%. The trend actually started quietly as early as the end of November and in the thirty-day time frame brought home a growth of 0.84%.

However, if we look to the future, analysts agree that we are experiencing a wait-and-see phase in which anything and everything can happen but irrefutable data remain to chart the course.

BTC volatility is the lowest ever recorded by the digital currency since its creation to date according to the on-Chain analysis.

The current low of the volatility had also been touched at the end of 2018 when the price of all crypto assets recorded major losses just as it did this year.

For the future, even from the Asian front, analysts remain neutral on both Bitcoin and Ethereum, which is hovering at $1220.

Cryptocurrencies are moving unevenly in performance and volatility, but the sector’s capitalization is growing, if only slightly, by 0.10% to $812.31 billion.

In total, the market is losing $23 billion by 34.28% while DeFi as a whole has a combined volume of $1.55 billion, 7.04% of the entire volume of the cryptocurrency sector.

Bitcoin: price analysis and the latest news in the crypto sector

Bitcoin is moving from 39.96% to 40.01% despite RSI and MACD being “buy”, weighing on Bitcoin is the 50-day moving average.

Bitcoin’s biggest investors include Elon Musk and MicroStrategy, the latter of which boasts 132,500 Bitcoin after the latest updates of trades made.

BTC has stepped into the role of institutional digital asset, according to Michael Saylor, founder of MicroStrategy, and this can only benefit the industry.

Michael Saylor’s company, which is listed on the Nasdaq on Wall Street, made it known on Wednesday that it had again bought up Bitcoin for the company’s treasury.

In this regard, the executive chairman tweeted the following:

“Microstrategy increased its bitcoin holdings by ~2,500 BTC. As of 12/27/22 Microstrategy holds ~132,500 bitcoins acquired for ~$4.03 billion at an average price of ~$30,397 per Bitcoin.”

The purchase of 2,500 BTC was made between 1 November and Christmas Eve through subsidiary company MicroStrategy, the genius entrepreneur clarified to the US Securities and Exchange Commission (SEC).

MicroStrategy’s subsidiary company bought 2,395 Bitcoin with an average price of $17,871 until the 21st of the month and then resold 704 Bitcoin at $16,776 on 22 December.

Finally, MicroStrategy bought 810 BTC with a price of $16,845 on Christmas Eve to complete the transaction.

The transaction to buy back from Bitcoin at a better price and profit maximization was unique to the modus operandi of Michael Saylor and his company.

“Microstrategy expects to carry forward capital losses resulting from this transaction against prior capital gains, to the extent such carry forwards are available under applicable federal income tax laws, which could result in a tax advantage.”

The founder of the above companies interviewed went further by stating:

“The highlight of the year is the emergence of bitcoin as an institutional-grade digital asset and the clarity that…there is a cryptocurrency that is a digital commodity…Bitcoin is that commodity.”

Saylor pointed out that the position of the most important regulators in the United States of America, namely that of the chairman of the Securities and Exchange Commission (SEC) and the chairman of the Commodity Futures Trading Commission (CFTC), is that BTC is nothing more than a commodity to be traded just like Brent or another precious metal.

The entrepreneur pointed out that MicroStrategy is a Bitcoin holder that is looking at the very long term because it firmly believes in its growth.

“Our strategy is to buy bitcoin and hold the bitcoin, so there’s no price target… I expect bitcoin will go into the millions. So, we are very patient. We think it’s the future of money.”

Source

Leave a Reply

Your email address will not be published. Required fields are marked *