Bitcoin Surges Above $29.7K On Microstrategy Buying Plans
By Laxmikant Khanvilkar
Leading virtual digital assets (VDA) reversed previous few sessions of softness and are brimming with hopes of more strength in the near term. The change was brought about by increased prospects of buying in this high risk assets.
Bitcoin (BTC) jumped past $29,700 early Wednesday after a MicroStrategy filing suggested that the Michael Saylor’s investment firm will sell $750 million in stock and use this funds to buy more bitcoin. That piece of information led to a frenzied buying activity at the counter.
The largest cryptocurrency by market capitalization was recently trading at $29,906, up 1.96% over the last 24-hours.
Ether (ETH), the second largest crypto in market value, was recently changing hands at $1,873.62, up 0.58%.
Bitcoin was previously leading the market downturn following the chaos, which was an outcome of a Curve exploit over the weekend.
Most altcoins have also recovered lost ground heartened by Tron founder Justin Sun’s efforts to prop up Curve’s troubled CRV token. His relief effort seemed to allay some fears about DeFi’s stability.
CRV was recently up 7.6% from Tuesday, same time, to trade just below 60 cents.
SOL and ADA, the tokens of smart contracts platforms Solana and Cardano, were each about a half percentage point to the green. Ripple’s XRP was up 0.3%, despite a court ruling casting doubt on its partial legal win against the Securities and Exchange Commission (SEC) last month.
The global crypto market cap, increased 1.26% to $1.19 tn, over the last 24-hours. Simultaneously, the total crypto market volume rose 44.28% to $40.82 bn. The total volume in DeFi is currently $3.56 bn and all stablecoins $38.78 bn, representing 8.72% and 96.02% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance increased 0.21% to 48.48%.
IC15 index, the barometer of top fifteen tokens, surged 1.21% to 39,277.
Meanwhile, the markets are discomforted by the recent ruling against stablecoin issuer Terraform Labs’ motion to dismiss a lawsuit against the SEC and the recent exploits adding jitters. However, investors are buying the dips, particularly Bitcoin, amid expectation of the SEC approving one of the recent spot BTC ETF applications.
Elsewhere, major U.S. equity indexes were largely down with the Nasdaq Composite and S&P 500 off 0.4% and 0.3%, respectively.
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