MicroStrategy buys Bitcoin worth $347M to strengthen its crypto holding

June 28, 2023 11:15 PM AEST | By Invezz

MicroStrategy buys Bitcoin worth $347M to strengthen its crypto holding — Image source: Invezz

Bitcoin sees increased institutional interest

Bitcoin has witnessed increased attention ever since BlackRock filed for a Spot Bitcoin ETF. The leading crypto asset gained an upside momentum as more financial giants followed BlackRock’s move. BTC surged more than 20% within one month.

The latest stats show Bitcoin recorded surged institutional participation. For instance, ProShare’s futures inflows hit a seven-day high of $65M last week (invezz.com news). MicroStrategy’s latest announcement further cements institutional inflows into the asset.

Bitcoin price

Cryptocurrency prices remained relatively calm on Wednesday, with leading assets by market cap flashing minor declines. Bitcoin traded at $30,189 at press time, losing 1.34% in its 24-hour chart. The bellwether crypto remained stable over the past week, gaining over 4%.

While the top cryptocurrency battles to stabilize beyond $30K, analysts remain optimistic, forecasting explosive moves for Bitcoin. Analyst expects a breakout anytime soon, forecasting $33K. Increased attention from institutional investors signals potential surges in Bitcoin price. Nonetheless, time will tell.

or you can say it already has and it i coming back down to retest the Pennant.

If we do retest it and break to the upside we could easily see a 33k #bitcoin ..

But, we know the tricks of bitcoin, break out of the bullish pennant but fake out to come down to close below, only… pic.twitter.com/8Rfq63Umrs
— O M A R dot C O M ₿ (@OmarDotcomm) June 28, 2023

The post MicroStrategy buys Bitcoin worth $347M to strengthen its crypto holding appeared first on Invezz.

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