Bitcoin soared above $70,000 for the first time as the market kicked off on March 8 at 9:30 a.m. EST, hitting a new high of $70,170, surpassing last week’s record by just over $69,000.
However, the token’s ascent above $70,000 was short-lived as it experienced a sell-off throughout the morning. As of now, the price fluctuates between $68,000 and $69,000.
This recent high represents a significant upward movement from earlier in the week. After reaching peaks on March 5, Bitcoin faced heavy selling pressure, dropping as low as $59,000. Yet, despite this steep decline and a subsequent recovery, Bitcoin has once again surged to set new highs.
The drop in Bitcoin’s price earlier in the week was not attributed to a lack of investor confidence, but rather to other factors. Anthony Scaramucci, founder of SkyBridge Capital, highlighted massive outflows from Grayscale Bitcoin Trust (GBTC) due to arbitrage and high fees. Additionally, a large wallet selling off Bitcoins mined in 2010 may have contributed to the price fall.
Nevertheless, Bitcoin has regained momentum and investor confidence remains strong. Michael Saylor and his company MicroStrategy have continued their Bitcoin purchases, recently selling $700 million in convertible senior notes to buy more Bitcoin.
MicroStrategy, accumulating Bitcoins since 2020, now holds nearly 200,000 tokens valued at over $13.5 billion. Their most recent purchase in February amounted to 3,000 Bitcoins for $155.4 million.
Despite the risks associated with using debt to buy assets, MicroStrategy remains bullish on Bitcoin’s future, considering it as their exit strategy.
As MicroStrategy expands its holdings and Bitcoin continues its ascent, the sentiment within the Bitcoin community remains predominantly bullish.
