"It did go up, but I'm not excited because even before this cama had to come back down."
The price of cryptocurrency king Bitcoin (BTC) at the opening of the Asian session market today unwittingly strengthened to $64,659 immediately after constantly hovering below $63,000 on April 29 yesterday.
The climb may be due to MicroStrategy recently acquiring another 122 BTC units worth $7.8 million, so here it can be seen that the firm founded by Michael Saylor already holds 214,000 BTC in total.
According to Andrew Kang, Chief Financial Officer of MicroStrategy said his firm has acquired 25,250 BTC since the end of the fourth quarter while their 14th quarter in a row has added more of the digital asset to its balance sheet.
There is no denying that BTC has recovered early this morning, but the price if seen still does not give any significant reaction and the excitement of the investors is also going backwards even though the Hong Kong crypto ETF spot is going to happen.
By observation, the entire crypto market including BTC has been moving flat for the past few weeks following the lack of a strong investment narrative to drive the price higher.
It is also worth noting that Australia's largest securities exchange ASX is expected to approve spot BTC ETFs before the end of 2024, so it continues to engage with several issuers interested in accepting crypto-based ETFs.
As of this writing, BTC price has surged by 1.85% to $64,309 in the last 24 hours with a market cap of over $1 trillion but is still down 4.12% over the past week.
