Source: Fortune.com
Summary
Bitcoin’s price has risen 15% over the past month, crossing $79,000 over the weekend. The cryptocurrency’s rally may be attributed to billionaire Michael Saylor’s firm Strategy, which has acquired over 100,000 Bitcoin in March and April, worth over $7.7 billion. However, the company’s pace of acquisition has slowed down, and a fuzzy macroeconomic picture may be keeping other buyers from pushing the cryptocurrency towards $80,000.
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The numbers tell one story.
Strategy’s Bitcoin acquisition spree, fueled by the sale of its perpetual preferred shares, has slowed down. The company’s decision to propose bi-monthly dividend payments may be an effort to spread out its Bitcoin purchases. Meanwhile, the cryptocurrency’s perpetual futures funding rate has been mostly negative for the past two weeks, indicating a growing short side. The market appears to be in a waiting phase, with investors cautious due to economic uncertainty. “The market is waiting for a catalyst to move decisively higher.”
Author: Evan Null
