{"id":23688,"date":"2023-09-26T10:16:17","date_gmt":"2023-09-26T10:16:17","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/microstrategys-latest-btc-purchase-sets-bitcoin-price-in-motion\/"},"modified":"2023-09-26T10:16:17","modified_gmt":"2023-09-26T10:16:17","slug":"microstrategys-latest-btc-purchase-sets-bitcoin-price-in-motion","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/microstrategys-latest-btc-purchase-sets-bitcoin-price-in-motion\/","title":{"rendered":"MicroStrategy\u2019s latest BTC purchase sets Bitcoin price in motion"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/09\/1695721827246-65bac39b-109c-401b-bb8a-d5d09f6c5fdd-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/09\/1695721827246-65bac39b-109c-401b-bb8a-d5d09f6c5fdd-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/09\/1695721827246-65bac39b-109c-401b-bb8a-d5d09f6c5fdd-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/09\/1695721827246-65bac39b-109c-401b-bb8a-d5d09f6c5fdd-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li>Bitcoin is defending the $26k after the recent MicroStrategy\u2019s latest BTC purchase.<\/li>\n<li>Concerns over the US dollar\u2019s impact on BTC may be overstated by investors.<\/li>\n<li>Coinbase holds about 5% of the total bitcoin in circulation.<\/li>\n<\/ul>\n<p>MicroStrategy\u2019s recent <a href=\"https:\/\/coinjournal.net\/news\/microstrategy-acquires-an-additional-5445-bitcoins\/\">acquisition of Bitcoin worth nearly $150 million<\/a> has made waves in the cryptocurrency market, causing a notable shift in Bitcoin\u2019s price dynamics.<\/p>\n<p>The move was a demonstration of MicroStrategy, a prominent business intelligence firm led by CEO Michael Saylor, of its strong commitment to <a href=\"https:\/\/coinjournal.net\/bitcoin\/what-is-bitcoin\/\">Bitcoin<\/a>. The recent Bitcoin purchase sent ripples throughout the cryptocurrency world.<\/p>\n<h2>A boost to Bitcoin price<\/h2>\n<p>Before MircoStrategy\u2019s BTC acquisition announcement, Bitcoin had briefly dipped below the $26,000 level, around which it has been hovering for a week. However, as soon as news of the purchase became public, <a href=\"https:\/\/coinjournal.net\/bitcoin\/\">Bitcoin price<\/a> saw a significant upward movement, gaining several hundred dollars in value and hitting a daily high of $26,421.51.<\/p>\n<p>In addition to MicroStrategy\u2019s purchase, China\u2019s Shanghai People\u2019s Court also recently made a significant announcement recognizing Bitcoin as a distinctive digital currency, despite the country\u2019s established ban on cryptocurrencies. This recognition has garnered attention, notably due to Justin Sun, the founder of Tron, drawing attention to the Shanghai No. 2 Intermediate People\u2019s Court\u2019s recent publication, which outlines key characteristics of Bitcoin.<\/p>\n<p>The Shanghai court clearly distinguished Bitcoin from virtual counterparts like Q coins, emphasizing its unique attributes. These include Bitcoin\u2019s scarcity, widespread global acceptance, and intrinsic monetary qualities. This acknowledgement represents a notable departure from China\u2019s traditional classification of cryptocurrencies primarily as speculative investments.<\/p>\n<p>The recognition by the Shanghai People\u2019s Court marks a shift in how Bitcoin is officially perceived within the Chinese legal system. While the ban on cryptocurrencies remains in place in China, this recognition of Bitcoin\u2019s distinct nature as a digital currency signifies a nuanced perspective on its role and significance within the broader financial landscape. It highlights the evolving discourse surrounding cryptocurrencies in China and their potential utility beyond speculation.<\/p>\n<h2>Bitcoin\u2019s resilience<\/h2>\n<p>Despite the volatility in recent weeks, Bitcoin has shown resilience. Last week, it reached a 20-day high at $27,500, only to experience a drop to $26,400 by the end of the business week, partly influenced by the US Federal Reserve\u2019s latest meeting.<\/p>\n<p>The weekend remained relatively stable, with Bitcoin maintaining a level of around $26,600. However, Monday started on a bearish note, leading to a temporary dip below $26,000.<\/p>\n<p>MicroStrategy\u2019s announcement acted as a catalyst, helping Bitcoin recover from this low point. While MicroStrategy\u2019s continuous accumulation of Bitcoin strengthens the company\u2019s position as a major institutional investor in the cryptocurrency, it also underscores the growing acceptance of Bitcoin as a valuable digital asset.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/microstrategys-latest-btc-purchase-sets-bitcoin-price-in-motion\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Bitcoin is defending the $26k after the recent MicroStrategy\u2019s latest BTC purchase. Concerns over the US dollar\u2019s impact on BTC may be overstated by investors. Coinbase holds about 5% of the total bitcoin in circulation. MicroStrategy\u2019s recent acquisition of Bitcoin worth nearly $150 [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":23689,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/23688"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=23688"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/23688\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/23689"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=23688"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=23688"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=23688"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}