Bitcoin
MicroStrategy Bought 11,931 More Bitcoin For $786 Million
Published
2 weeks agoon
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admin![](https://blocknewsmedia.com/wp-content/uploads/2024/06/michael-saylor-max-keiser-bitcoin-2021.jpg)
![](https://bitcoinmagazine.com/.image/c_fit%2Ch_800%2Cw_1200/MTg2NjA5MDA2MzYwNTM2OTI1/michael-saylor-max-keiser-bitcoin-2021.jpg)
MicroStrategy, a leading business intelligence and software company, has continued its steadfast commitment to Bitcoin by purchasing an additional 11,931 BTC at a total cost of $786 million.
BREAKING: MicroStrategy buys an additional 11,931 #Bitcoin for $786 million. pic.twitter.com/H7XN5XtBtK
— Bitcoin Magazine (@BitcoinMagazine) June 20, 2024
On June 18, MicroStrategy completed a private offering of convertible senior notes, which included a 2.25% coupon and an approximately 35% conversion premium over the U.S. composite volume weighted average price of MicroStrategy’s class A common stock. The offering was well received in the marketplace and upsized to a total of $800.0 million in aggregate principal amount, MicroStrategy stated. This amount included the exercise by the initial purchasers of their option to purchase $100.0 million of additional notes, resulting in net proceeds from the offering to MicroStrategy to be approximately $786.0 million.
“On June 20, 2024, MicroStrategy announced that, during the period between April 27, 2024 and June 19, 2024, MicroStrategy acquired approximately 11,931 bitcoins for approximately $786.0 million in cash, using proceeds from the Offering and Excess Cash (defined in our quarterly report on Form 10-Q for the three months ended March 31, 2024), at an average price of approximately $65,883 per bitcoin, inclusive of fees and expenses,” the company stated.
The company initially entered the Bitcoin market in August 2020, making an initial BTC investment of $250 million. Since then, they have consistently added to their Bitcoin holdings, creating a treasury reserve strategy that has garnered over 226,331 bitcoin worth more than $14.9 billion at the time of writing.
“As of June 20, 2024, MicroStrategy, together with its subsidiaries, held an aggregate of approximately 226,331 bitcoins, which were acquired at an aggregate purchase price of approximately $8.33 billion and an average purchase price of approximately $36,798 per bitcoin, inclusive of fees and expenses,” MicroStrategy concluded.
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Here Are Price Targets for Bitcoin, Solana, and Render, According to Analyst Jason Pizzino
Published
13 hours agoon
July 5, 2024By
admin![](https://blocknewsmedia.com/wp-content/uploads/2024/07/here-are-render-jason.jpg)
A closely followed crypto strategist and trader is revealing his price targets for Bitcoin (BTC) and two altcoin projects.
In a new strategy session, analyst Jason Pizzino tells his 329,000 YouTube subscribers that based on the average true range (ATR) indicator Bitcoin could soon break through key price target resistance levels.
The ATR indicator measures volatility by showing an asset’s trading range over a specified period.
“You can see the dying off here of the average true range of the bar. Previous cycles, look what happened. Average true range picks up, dies off, dies off, dies off, and then you start to get a higher low form and by that stage, you’re really a decent way from the stealth zone.”
![](https://dailyhodl.com/wp-content/uploads/2024/07/Jason1.jpg)
According to the analyst, Bitcoin has historically made “stealth moves” to the upside when the ATR indicator reaches a local low and price continues to consolidate or puts in higher lows.
The analyst’s key price targets to the upside include $63,300 on the daily chart, $65,200 on the weekly chart and $72,000 on the monthly chart.
Bitcoin is trading for $60,176 at time of writing, down nearly 3% in the last 24 hours.
Next up, the analyst believes that Ethereum (ETH) competitor Solana (SOL) will move toward its current cycle top.
“With the higher lows and now trying to push higher above the 50% at $137. Next target on the weekly chart is $165. And then we go towards $190, $210. So $190 is above these tops. Then $210 is the current top for Solana. So it’s on its way. It hasn’t got those longer-term time frames confirmed yet, and those longer terms are the weeklies.”
![](https://dailyhodl.com/wp-content/uploads/2024/07/jason2.jpg)
Solana is trading for $141 at time of writing, down more than 8% in the last 24 hours.
Lastly, the analyst predicts that Render (RNDR), the graphics processing unit (GPU) rendering blockchain, will reclaim a double-digit value.
“Now, what do we need to see until it gets there? Obviously higher lows, and that would happen throughout this next couple of months, maybe even up to four months as we get to that [US presidential] election… If I keep seeing higher lows, it’s not going to stop me from getting into the market if it breaks out through that period.”
![](https://dailyhodl.com/wp-content/uploads/2024/07/jason3.jpg)
Render is trading for $7.04 at time of writing, down 7.7% in the last 24 hours.
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Bitcoin
Bitcoin price plunges below $55k as Mt. Gox announces repayments
Published
13 hours agoon
July 5, 2024By
admin![](https://blocknewsmedia.com/wp-content/uploads/2024/07/crypto-news-Black-Rock-Bitcoin-option01.webp.webp)
The price of Bitcoin has continued its descending movement, sliding under the $55,000 threshold, returning back to levels last seen in February.
Bitcoin’s (BTC) sell-off has intensified amid reports that the collapsed crypto exchange Mt. Gox moved over 47,000 BTC (worth around $2.6 billion) to a new wallet ahead of its $9 billion payout. At the time of writing, the price of Bitcoin is $54,561, a mark last witnessed in February, when the largest by market capitalization cryptocurrency was surging to a new all-time high.
Following the transaction, Mt. Gox trustee officially confirmed on Jul. 5 during Friday’s Asian trading hours that the collapsed exchange “made repayments in Bitcoin and Bitcoin Cash to some of the rehabilitation creditors.” The trustee didn’t specify though the amount of BTCs sent to creditors.
The crypto market has faced significant pressure recently, affecting both investor sentiment and miner operations following the April halving, which reduced mining rewards from 6.25 BTC to 3.125 BTC. At Bitcoin’s current price, only five ASIC rigs from Avalon and Antminer remain profitable, according to f2pool’s X post.
⛏️With #Bitcoin trading below $58k, what is the current profitability for mining?
At a rate of $0.08/kWh, ASICs less efficient than 23 W/T operate at a loss.
For more details on mainstream miners, please refer to the table below. pic.twitter.com/hJS1lsVnmK
— f2pool 🐟 (@f2pool_official) July 4, 2024
The rapid drop below $55,000 has pressured speculators, resulting in $682 million in liquidations of both long and short positions across multiple exchanges, according to Coinglass.
![Bitcoin price plunges below $55k as Mt. Gox announces repayments - 1](https://crypto.news/app/uploads/2024/07/hisudhfds.png)
Over the past 24 hours, more than 235,000 traders were liquidated, with the largest single liquidation order on Binance’s ETH/USDT trading pair valued at over $18.4 million. According to CoinGecko, the total crypto market capitalization dropped by over 8% to $2 trillion, increasing sell-offs among speculators.
As crypto.news reported earlier, TRON founder Justin Sun offered to help the industry by teasing his “willingness” to buy confiscated Bitcoins from the German government over-the-counter. It’s unclear when these negotiations will begin, but with the recent movement of Bitcoins to centralized exchanges from Germany-labeled addresses, Mt. Gox’s repayments have seemingly become the primary concern among traders.
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Bitcoin
Bitcoin’s quick dip below $57k forces beginners to capitulate, CryptoQuant says
Published
19 hours agoon
July 5, 2024By
admin![](https://blocknewsmedia.com/wp-content/uploads/2024/07/crypto-news-Bitcoin-Runes-option02.webp.webp)
As Bitcoin plunged below the $57,000 mark, concerns surged among investors about potential market volatility and its impact on miners.
On Thursday morning, speculators continued their selling pressure, forcing Bitcoin (BTC) to dip below $57,000 for the first time since February. As of press time, Bitcoin rebounded above the $57,000 mark, but its previous quick plunge might signal weakness, potentially impacting sentiment among retail traders.
![Bitcoin's quick dip below $57k forces beginners to capitulate, CryptoQuant says - 1](https://crypto.news/app/uploads/2024/07/gsidyfhsd-1024x600.png)
Blockchain research firm CryptoQuant noted that crypto beginners — who bought BTC over the past six to three months — have started moving their coins amid the plunge and “increasing selling pressure.” According to the platform’s data, approximately $2.4 billion worth of BTC controlled by crypto beginners began moving, likely signaling their intention to sell at current market prices.
The market turbulence might also be worsened by miners, who are facing a rapid drop in hashprice, a metric representing miner revenue per terahash. Crypto mining analytics firm Hashrate Index noted that the hashprice mark amid Bitcoin’s plunge is “scratching its all-time low,” a level last seen during the bear market. As of press time, hashprice is at $44.69, potentially pushing some miners to liquidate their reserves to sustain operational expenses.
In a May exclusive interview with crypto.news, CryptoQuant head of research Julio Moreno noted that the market is “likely to see a miner capitulation if prices don’t recover significantly during the summer,” adding that the hashprice (average miner revenue per hash) is repeatedly “making new lows” following the latest halving. At the time of writing, Bitcoin is trading at $57,336, according to data from crypto.news.
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