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December 5, 2022
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MicroStrategy says it wants more Bitcoins

Prices of Bitcoin (BTC) and other major cryptocurrencies quickly began to gain momentum today, after a week of uncertainty, potentially driven by MicroStrategy announcing its plans to continue buying BTC.

According to the cryptocurrency platform CoinGecko, Bitcoin is currently trading for more than $ 57,000, an increase of about 7% on the day. Ethereum (ETH), the second largest cryptography by its market capitalization, does a little worse – the token fluctuates in a price corridor around $ 2,745, although it is still up 13.4% over the week.

Meanwhile, Binance Coin (BNB) has consolidated above $ 600 for now, up 2.8% on the day and 18.6% on the week. Ripple’s XRP, despite the ongoing legal battle with the Securities and Exchange Commission, likewise increased its price by about 17% today and reached up to $ 1.65.

Source: COINGECKOO The cryptocurrency market is gaining momentum.

As reported by CryptoSlate, positive sentiments continue to grow around XRP, as institutional investors are actively adding it to their portfolios. Recently, on-chain data has indicated that “Whales” are buying XRP while institutional capital flows in the token doubled last week.

At the same time, Cardano (ADA) and Polkadot (DOT) have gained around 20% and 10% in the past seven days and are currently trading at $ 1.35 and $ 36, respectively. News about government planning Ethiopian use Cardano’s blockchain as part of a partnership with its developer IOHK they probably played some role in the growth of the token.

MicroStrategy still wants more Bitcoin

Perhaps the most obvious bullish signal came from business intelligence company MicroStrategy today. After investing several billion dollars in Bitcoin in the past few months, the company announced its financial results for the first quarter of 2021 and reported a 52% increase in revenue.

The report revealed:

Subscription product and service license revenues in the first quarter of 2021 were $ 31.3 million, an increase of 52.3%, or a 49.8% increase in constant non-GAAP currency, compared to the first quarter of 2020 ”, the report revealed.

In turn, MicroStrategy CEO Michael Saylor said that these results “were a clear example that our two-pronged corporate strategy to grow our business analytics software business and acquire and maintain Bitcoin is generating significant shareholder value. ”.

Saylor also pointed out that his company has not stopped investing in Bitcoin and plans to buy even more BTC in the future.

We will continue to acquire and maintain additional bitcoins as we seek to create additional shareholder value.

In recent months, institutional capital inflows from companies like MicroStrategy and Tesla have become one of the main driving forces behind the continued rise in Bitcoin prices. So much so that when these infusions declined briefly in recent weeks (or at least were not announced), the cryptocurrency market fell into a stupor, as analysts at JPMorgan recently pointed out .

But it seems that Michael Saylor is always helping.

Source: CryptoSlate

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