Bitcoin rises to $79,000!
The company bought 4,603 Bitcoin worth approximately $368.7 million last week, bringing its total Bitcoin holdings to 845,050 BTC.
Bitcoin rose 1.2% on Tuesday, reaching around $79,000. The cryptocurrency’s gains were supported by Strategy, the world’s largest institutional Bitcoin holder, resuming purchases after a two-month pause. The company bought 4,603 Bitcoin worth approximately $368.7 million last week, bringing its total holdings to 845,050 BTC.
However, the broader crypto market’s gains remained limited. Expectations of higher interest rates in the US are putting pressure on riskier assets. Fed Chair Kevin Warsh’s hawkish comments on inflation have increased expectations of a rate hike in September. Rising tensions between the US and Iran have also affected markets. Higher oil prices have fueled inflation concerns and strengthened expectations for higher interest rates, prompting investors to act more cautiously.
Other cryptocurrencies also advanced. Ether gained 1.5%, XRP 1.8%, Solana 1.2%, Cardano 3%, and BNB 0.6%. Overall, the market showed positive momentum, but investors remain focused on interest rate decisions.