Michael Saylor Won't Stop Buying BTC
MicroStrategy, a publicly-traded company that has been buying Bitcoin as a reserve asset, has added another 1,045 Bitcoin to its treasury. The company now holds over 140,000 Bitcoin, which are worth more than $4 billion at current market prices.
MicroStrategy’s Bitcoin buying spree began in August 2020, when it purchased 21,454 Bitcoin worth $250 million. Since then, the company has been accumulating Bitcoin and has made several purchases over the past year, despite the volatility in the cryptocurrency market. The company sees Bitcoin as a long-term store of value and a hedge against inflation.
MicroStrategy’s continued accumulation of Bitcoin could be a positive sign for the overall market. The company’s large Bitcoin holdings have made it one of the biggest institutional buyers of the digital asset. It has also brought attention to the use of Bitcoin as a reserve asset by corporations and institutions.
The company's CEO, Michael Saylor, has been a vocal supporter of Bitcoin and has been actively promoting its use as a reserve asset. he has also been advocating for other companies to follow in MicroStrategy's footsteps and add Bitcoin to their balance sheets. He has called Bitcoin “the dominant digital monetary network” and believes it will become the world’s primary currency in the future.
MicroStrategy’s Bitcoin buying spree has also been seen as a bullish signal for Bitcoin’s price. The company's purchases have been cited as one of the factors behind Bitcoin's price rally over the past year. With MicroStrategy continuing to accumulate Bitcoin, it is likely to have a positive impact on the overall cryptocurrency market and attract more institutional investors to the space.
Shanghai Upgrade Is Putting Pressure On ETH
The upcoming Shanghai upgrade to the Ethereum network could potentially lead to significant selling pressure on the ETH market, estimated to be around $24 billion. The upgrade is scheduled for July 2023 and will introduce Ethereum Improvement Proposal (EIP) 1559, which aims to reduce transaction fees and make them more predictable. The proposal will also introduce a mechanism to burn a portion of the transaction fees, which is expected to decrease the supply of ETH in circulation.
According to CoinDesk, around 2.5 million ETH is currently paid in transaction fees daily, and the introduction of EIP 1559 could potentially reduce this number by up to 50%. While this may be a positive development for users who currently face high transaction fees, it could also have a negative impact on the price of ETH as a reduced supply could lead to increased selling pressure from miners and holders looking to cash in on their investments.
Overall, this development highlights the importance of keeping up with updates and upgrades to major cryptocurrencies like Ethereum, as they can have a significant impact on the market. Investors and traders should closely monitor the Ethereum network and be prepared for potential price fluctuations and volatility leading up to and following the implementation of the Shanghai upgrade in July 2023.
Twitter + Doge = ?
The price of DOGE reached a new all-time high on Tuesday after Twitter announced it had adopted the Shiba Inu dog as its new logo. The move was seen as a nod to the Dogecoin community, which has long used the dog as its mascot. Dogecoin futures, which allow investors to bet on the future price of the cryptocurrency, also saw a record number of contracts traded on Tuesday.
The surge in interest in Dogecoin comes amid a wider boom in the cryptocurrency market, with many investors turning to alternative coins in search of higher returns. Despite its origins as a joke coin, Dogecoin has gained a large following in recent years, with many proponents touting its fast transaction times and low fees.
However, some analysts caution that the recent surge in interest may be driven more by hype than fundamentals and that the market for Dogecoin and other cryptocurrencies is still highly volatile and risky.