Bitcoin price reached a new all-time high of $85,000 on Monday, November 11, up 26% from the US election day.
As the crypto market rally enters its seventh consecutive day of gains, on-chain data shows that Microstrategy’s fresh acquisition plan could potentially drive BTC further toward $100,000 in the coming weeks. Key Points: Bitcoin price reached a new all-time high of $85,000 on Monday, up 26% from the US election day. MicroStrategy CEO Michael Saylor announced the purchase of 27,000 BTC valued at $2 billion, its highest single-day purchase ever since it kicked off its ‘ Bitcoin strategy’ in 2020.
Microstrategy now acquiring 76% of newly-mined Bitcoin Taking a cue from previous bull cycles, Bitcoin’s recent rally has raised fears of impending downward volatility. However, Bitcoin 2024 halving and Microstrategy’s $42 billion acquisition plan could potentially cushion impending downward volatility. On-chain data compiled by MacroMicro shows Bitcoin’s issuance rate has dropped to an average of ~500 BTC daily , following the latest halving event executed in April 2024.
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