In February, Bitcoin started trading in a range between $38,000 and $39,000, and its price rose to $40,000 by the end of the week.
Bitcoin rises above 40 thousand dollars in less than two hours
After a tough January, Bitcoin started February trading in the $38,000-$39,000 range and soared to over $40,000 by the end of the week, the leading cryptocurrency is now trading below its January opening around 17 % at $46,312, however, is currently trading above the six-month low of $33,184, around 16%, which was hit on January 24.
The overall cryptocurrency market has managed to recapture a significant portion of its capital, with Bitcoin currently surging above $40,000, however, we have seen a dangerous correlation between Wall Street's performance and cryptocurrencies.
Bitcoin performance over the past week
Over the course of the past week, the bitcoin price has recovered by more than 8%, though, at the beginning of last week things were looking very frustrating as bitcoin failed to break the $40,000 level and fell on Monday, then rose around $39,000 in the following days. This was also stopped by the bears who pushed the price back below $37,000.
But that all changed by the end of the week definitively and completely abruptly, in less than two hours Bitcoin soared over 6% to trade above $40,000. The recent downtrend.
Needless to say, the rest of the market followed Bitcoin, Ethereum rose by 22.4 % to test the $3,000 level, Solana also rose by around 23% as it traded above $100, while DOT By 12% and trying to consolidate over $20, of course, there are those who failed to capitalize on this recovery like a coinBNB which traded steadily compared to last week, on the other hand, the currencyLUNA by 2.3%.
This comes amid some notable correlation with global markets, but it is also worth noting that this correlation appears to have stalled at the end of the week, as the price of Bitcoin rose significantly while global indices such as the Nasdaq and S&P 500 traded in the red.
company MicroStrategy Buy Bitcoin for over $25 Million
company contactMicroStrategy With her repeated purchases of bitcoins, where she bought the currency for $ 25 million, The Nasdaq-listed business intelligence giant has stayed true to its promise to grab more bitcoin regardless of market conditions, and the company's CEO has announced its latest $25 million purchase.
The CEO of the company, Michael Saylor, explained thatTwitter The company’s most recent acquisition, it spent $25 million to purchase 660 bitcoins, meaning the average transaction price was $37,865. It is noteworthy that this purchase came at the end of January as its total inventory exceeded 125,000 as of the end of that month. .
As of now, the company has spent $3.78 billion to acquire its bitcoin pool at an average price of $30,200 per coin. MicroStrategy About $94 million to buy about 1,914 bitcoins.
Apart from Saylor, the CFO of Phong Le Also, the company will continue to buy and hold the leading digital currency no matter what happens in the market in terms of price action.
A professional technical and economic analyst in global financial markets since 2004. He holds a Master’s in Business Administration from the American University in Cairo. He works as an economic writer and technical analyst for many international financial companies. He writes daily economic and technical analyzes for many Arabic and English websites specialized in the field of stock exchanges and financial markets.
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