Bitcoin’s price movements after El Salvador and MicroStrategy purchase

Bitcoin BTC/USD is the largest cryptocurrency in terms of market capitalization, and it has maintained its level of dominance in the crypto space despite the bearish crypto market.

Despite its recent bearish outlook, a lot of investors and even entire countries are buying cryptocurrency.

On June 29, 2022, Michael Saylor made an announcement that MicroStrategy purchased an additional 480 Bitcoin (BTC) for $10.0 million, with an average price of $20,817 per Bitcoin (BTC).

Furthermore, Saylor announced that the company holds 129,699 Bitcoin (BTC), which was acquired for $3.98 billion at an average price of $30,664 per Bitcoin.

On July 1, 2022, the president of El Salvador, Nayib Bukele, disclosed the country’s latest purchase of Bitcoin (BTC). 

According to the announcement posted on Twitter, El Salvador purchased 80 BTC at $19,000 per coin.

Alongside all of this, the South Korean electronics company Samsung started working on three-nanometer chips, which will be utilized in Bitcoin (BTC) mining.

Specifically, these chips will be compatible with specific integrated circuits (ASICs), which are machines known due to their efficiency at mining Bitcoin.

Samsung secured its first customer, PanSemi, which is a Chinese ASIC firm.

On July 1, 2022, Bitcoin (BTC) had a value of $19,553.44.

To get a better perspective as to what this value point represents for Bitcoin (BTC), we will be going over its all-time high point of value, as well as its performance throughout the previous month. 

The all-time high of the Bitcoin (BTC) cryptocurrency was on November 10, 2021, when the coin reached a value of $69,044.77.

When we go over the performance of the coin throughout June, we can see that Bitcoin (BTC) had its highest point of value on June 1 at $31,950.98.

Its lowest point of value, however, was on June 18 at $17,744.9.

Here we can see that the cryptocurrency saw a decrease in its value by $14,206.08, or by 44%.

However, from June 18 to July 1, we can see that Bitcoin (BTC) increased by $1,808.54.

With companies such as Samsung creating Bitcoin (BTC) mining chips, and with El Salvador and MicroStrategy buying Bitcoin heavily, we can expect the cryptocurrency to reach a value of $25,000 by the end of July 2022.

The post Bitcoin’s price movements after El Salvador and MicroStrategy purchase appeared first on Invezz.

View Details

Bitcoin creeps back over $40K, with buying pressure from long-term hodlers

Bitcoin returned above $40,000 on February 4 after a near 6% drop a couple of days before, and BTC is trading up 8.3% on the week.

The post Bitcoin creeps back over $40K, with buying pressure from long-term hodlers appeared first on CryptoSlate.

View Details

ETH down 33 percent since ATH, traders buying the dip

Ether, the native token of the Ethereum platform, and the second-largest digital asset by market cap, has seen a fall of its market value by 33 percent since the latest all-time-high on the 10th of November.

The post ETH down 33 percent since ATH, traders buying the dip appeared first on CryptoSlate.

View Details

The economics of Bitcoin halving: Understanding the effects on price and market sentiment

Discover how a reduction in supply affects the price of Bitcoin, and how market participants perceive and react to halving events in the dynamic cryptocurrency market.

View Details