As a researcher with a background in finance and cryptocurrencies, I find Michael Saylor’s recent bullish tweet on Bitcoin intriguing. MicroStrategy’s strategic decision to accumulate Bitcoin over the past four years has paid off well, especially considering the recent market volatility and recovery.
Michael Saylor, the co-founder of MicroStrategy – a prominent business intelligence company that has amassed a significant amount of Bitcoin over the last four years as part of its strategic initiative – recently shared an optimistic message about Bitcoin with the crypto community through a tweet.
Over the past day, the leading cryptocurrency in the global market experienced a 4.89% bounce back, moving away from the $53,900 mark it touched on Friday.
Saylor’s message to Bitcoin community
As an analyst, I’d like to share my perspective on Michael Saylor’s recent statement regarding Bitcoin’s stability. He emphasized the importance of maintaining the equivalence between one Bitcoin and one Bitcoin, in response to Bitcoin’s volatile market behavior. Over the past week, Bitcoin experienced a significant decline, dropping by more than 15% from Monday to Friday, resulting in a loss of around $10,000 in value.
As a researcher observing the digital gold market on Friday, I’ve noticed a reversal of its downward trend, resulting in a nearly 5% surge. The price has risen from $53,900 to the current level of $56,550 where it is being exchanged at this moment.
The price rise occurred following the unveiling of the United States’ unexpectedly robust June non-farm payrolls report. Analysts had anticipated a growth of 190,000 jobs, but the actual figure surpassed this prediction with a count of 206,000 new jobs.
US and German governments, Mt Gox selling Bitcoin
For the past three weeks, two major entities have been selling vast quantities of Bitcoin, whereas the third entity has merely transferred large sums of it, equivalent to billions of US dollars.
On June 19, Bitcoin transfers were initiated by the US and German governments, as well as the defunct Mt Gox crypto exchange. In total, they have moved approximately 17,778 Bitcoins, equivalent to $1.08 billion. The German government has been selling Bitcoin daily since July 1, according to the Lookonchain smart wallet tracker. Collectively, these entities now control a significant amount of Bitcoin – around 396,210 BTC, valued at approximately $22.78 billion. The US government holds about 213,297 BTC ($11.72 billion), Germany owns roughly 41,226 BTC ($2.28 billion), and Mt Gox currently possesses around 141,687 BTC ($7.78 billion).
Starting from June 19th, the German and US governments, along with MtGox, have collectively moved a total of 17,788 Bitcoin (worth approximately $1.08 billion). The German government has been transferring Bitcoin daily since July 1st. Currently, they possess around 396,210 Bitcoin (equivalent to about $22.78 billion).
— Lookonchain (@lookonchain) July 5, 2024
As a researcher studying the latest developments in the cryptocurrency market, I can share that Mt Gox, the infamous Bitcoin exchange that was hacked in 2014, has initiated the process of refunding Bitcoin and Bitcoin Cash to affected investors.
Governments’ Bitcoins were primarily obtained from illicit activities and money laundering schemes. The US authorities continue to possess Bitcoin that they confiscated during the closure of the Darknet marketplace Silk Road, which was founded and managed by Ross Ulbricht around a decade ago until its termination in 2013.
Read More
- LUNC PREDICTION. LUNC cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- BICO PREDICTION. BICO cryptocurrency
- USD ZAR PREDICTION
- USD PHP PREDICTION
- SOL PREDICTION. SOL cryptocurrency
- USD COP PREDICTION
- XRP PREDICTION. XRP cryptocurrency
- EUR BRL PREDICTION
- SNS PREDICTION. SNS cryptocurrency
2024-07-06 10:17