Market Update 12th November 2024
By Shikha Singh
In recent developments, Bitcoin has shattered the $87,000 ceiling, reaching an impressive peak of $87,293. This price surge not only boosts the cryptocurrency market but also propels MicroStrategy’s stock to record heights. Reports indicate that the firm currently holds Bitcoin assets valued at approximately $24.2 billion. The combination of rising Bitcoin prices and strategic corporate investments has positioned MicroStrategy as a unique leveraged Bitcoin proxy, appealing to traditional investors looking to capitalize on the cryptocurrency boom.
However few analyst believe that Donald Trump’s election victory in the United States is unlikely “the main story” behind Bitcoin’s recent pump — with an analyst pointing instead to a post-halving supply shock. On Nov. 11, US Bitcoin ETFs saw another huge day for inflows, with around 13,940 BTC purchased in one day compared with just 450 BTC mined.
The largest token has jumped about 30% since the US election on Nov. 5 and hit an all-time high of $89,599 early on Tuesday.
MicroStrategy Inc., the largest publicly-traded corporate holder of Bitcoin outside the ETF sector, has purchased around 27,200 BTC for about $2 billion between Oct. 31 and Nov. 10.
Meanwhile, Tesla’s Bitcoin holdings have surpassed $1 billion, with 11,509 BTC now valued at over $89,500. Since its 2021 purchase of $1.5 billion in Bitcoin, Tesla has seen its holdings more than double, netting $495 million in profit. Bitcoin’s recent surge also boosted Tesla’s stock by 8%, pushing CEO Elon Musk’s wealth to $320 billion.
In Bhutan, strategic mining operations since 2021 have helped the country amass over $1 billion in Bitcoin. While a recent transfer of 900 BTC to Binance raised speculation of sell-offs, Bhutan’s ongoing mining suggests a long-term hold strategy.
Bitcoin has more than doubled so far in 2024, helped by robust demand for dedicated US ETFs and interest-rate cuts by the Federal Reserve.
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