Bigger Rocket Needed: Michael Saylor Reacts to Bitcoin’s Surge Past $98,000

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As a seasoned researcher with over two decades of experience in the financial markets, I must admit that the rise of Bitcoin to $98,000 is nothing short of breathtaking. The speed at which this digital asset has grown, surpassing even some traditional fiat currencies, is truly a testament to its potential and the growing acceptance of cryptocurrencies worldwide.

Bitcoin, the initial and most significant digital currency based on market value, has gone beyond the $98,000 threshold, setting a fresh record for the highest price ever achieved.

Michael Saylor, the chairman and co-founder of MicroStrategy who has been an ardent supporter of Bitcoin, is among those rejoicing over its impressive rise.

We’re going to need a bigger rocket. #Bitcoin

— Michael Saylor⚡️ (@saylor) November 21, 2024

As an analyst, I find myself echoing Saylor’s sentiment with a twist: “The momentum here feels like needing a larger spacecraft. It’s Bitcoin we’re talking about, after all.

For MicroStrategy, known as the world’s initial and most extensive Bitcoin asset firm, this endorsement underscores their daring investment approach. As of November 18th, MicroStrategy owned approximately 331,200 Bitcoins, purchased for roughly $16.5 billion at an average price of about $49,874 per Bitcoin.

Bitcoin surpasses $98,000

For the very first time, Bitcoin climbed over $98,000 on Thursday, extending a four-day streak of growth. The price of Bitcoin soared by approximately 3% to hit $97,508, based on information from CoinMarketCap. Earlier, it had peaked at $98,370.

Cryptocurrency exchange Coinbase stock gained 3% in premarket trading, while MicroStrategy, which trades as a Bitcoin proxy, rose 11%. Mining stocks increased as well, with Mara Holdings up 9%.

Since early November, Bitcoin has been breaking fresh highs, albeit in more modest steps.

The surge in prices we’ve recently seen could possibly be due to a rise in funding costs and active positions in the futures market, particularly during the Asian trading hours. Simultaneously, as per CryptoQuant data, the value of spot market premiums seems to have fallen at around the same time.

Over the past day, Bitcoin’s surge in value triggered around $95 million worth of short positions being forced to close (liquidated), as per CoinGlass. This event boosted Bitcoin’s price even further throughout the night. Across the entire cryptocurrency market, there were $495 million in liquidations. So far in 2024, Bitcoin has seen a rise of over 130%.

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2024-11-21 18:56