TYSONS CORNER, Virginia - On September 13, 2024, MicroStrategy announced the acquisition of an additional 18,300 BTC, valued at over $1.1 billion, during a significant recovery in the Bitcoin market.
Since hitting a low on September 6, Bitcoin has surged 13%, breaking through the critical 200-day moving average (EMA), indicating bullish momentum. This rally is largely attributed to institutional investors like MicroStrategy and BlackRock, who collectively hold over 602,000 BTC worth more than $35 billion.
BlackRock's iShares Bitcoin Trust, with over $20 billion in assets, must purchase actual Bitcoin, further supporting price increases. MicroStrategy's strategy, initiated by CEO Michael Saylor in 2020, has proven successful, significantly boosting its stock value.
The ongoing buying pressure from these institutions is expected to stabilize the cryptocurrency market and potentially encourage other companies to invest in Bitcoin, which could lead to higher returns for both Bitcoin and other altcoins.