Bitcoin Price Explodes Towards $60,000 As MicroStrategy Sends Massive BTC Buy: This Week’s Roundup

Over the past 24 hours, the cryptocurrency market capitalization expanded by more than $110 billion, pushing the $2.2 trillion mark. This is thanks to the gains of Bitcoin, Ethereum, BNB and most of the remaining altcoins.

Let’s dive in.

The price of Bitcoin increased by 11.5% in the last seven days. Traders are currently grappling with the key psychological and technical resistance level of $60,000, posting a rise of around 2.6% today alone.

The gradual rise of BTC throughout the week. At first, the bulls struggled to get going, trying to break $55,000 on a few occasions last weekend, but things took a quick turn on September 10 when the price soared towards $58,000. The price consolidated there for a few days, and now, the bulls are trying to conquer another important level.

The altcoin market is also performing impressively. Ethereum is posting gains of over 8%, BNB up over 13%, SOL up over 9%, and so on.

It is worth saying, however, that this renewed rally did not come without good reason.

As a result, MicroStrategy, the world’s largest corporate HODLer, added more BTC to its stash. Michael Saylor today announced a $1.1 billion purchase at a theoretical price of about $60,000 per unit. Surely, this has cushioned the market and could have prevented a sharper decline in recent weeks.

Donald Trump, the former president of the United States and the current presidential candidate of the Republican Party, has just announced that he will launch a digital currency platform called World Liberty Financial. It will feature a digital wallet, a credit account system, as well as loan options that operate with stablecoins.

All in all, it’s been an exciting seven days in the industry, especially with the US presidential election just around the corner.

Market data

Market capitalization: $2.189T | 24 Hour Flight: $76 Million | BTC Domain: 54%

BTC: $59,961 (+11.2%) | ETH: $2,427 (+8.3%) | BNB: $555 (+13.7%)

This week’s crypto headlines you better not miss

XRP price rises 7% as Grayscale launches dedicated Ripple Trust. XRP has exploded by 7% after Grayscale’s announcement on September 12th. The company is launching its XRP Trust, giving many hope that this could pave the way for future ETF approval.

MicroStrategy Announces Massive $1.1 Billion Bitcoin (BTC) Purchase Michael Saylor, the co-founder and current chairman of MicroStrategy, revealed on Friday that the company recently acquired a large amount of $1.11 billion in BTC at a price of about $60,408 per coin.

These factors suggest that the Bitcoin (BTC) Bull Run has just begun: CQ. There are several factors that suggest Bitcoin’s bull run could be starting. As a well-known research firm reported, growing reserves of stablecoins may be just one of them.

Donald Trump announces launch date for World Liberty Financial. Donald Trump, the former US president and current candidate, announced that he will launch a project aimed at digital currencies. It’s called World Liberty Financial.

Bitcoin Price Targets Based on Harris or Trump Win: Chartered Standard. Multinational banking giant Standard Chartered provided its price targets for Bitcoin based on whether Donald Trump or Kamala Harris wins the US election on November 5.

Coinbase’s Wrapped Bitcoin (cbBTC) launches on Base and Ethereum. cbBTC – Wrapped Bitcoin issued by the largest US cryptocurrency exchange, Coinbase, is launched on Base and Ethereum. The company plans to add support for other chains in the future.

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This week, we have a chart analysis of Ethereum, Ripple, Cardano, Binance Coin and Solana – click here for the full price analysis.

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