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MicroStrategy Acquires $4.6B in Bitcoin Amid Record Price Surge
MicroStrategy has acquired 51,780 Bitcoin for $4.6 billion, bringing its total holdings to 331,200 BTC, purchased at an average price of $49,874 per coin. The company funded the purchase through proceeds from a recent $4.6 billion share sale. This marks MicroStrategy's largest-ever Bitcoin acquisition, accounting for over 16% of its total holdings, as Bitcoin prices surged to a record $92,400. The firm, which began its Bitcoin investment strategy in 2020, plans to raise an additional $42 billion over three years to continue expanding its reserves.
BlackRock Secures License to Operate in Abu Dhabi
BlackRock has obtained a commercial license to operate in Abu Dhabi, signaling its commitment to expanding in the UAE, a region known for its crypto-friendly ecosystem. While the focus of its Abu Dhabi operations will primarily be on private markets and artificial intelligence infrastructure, the move aligns with broader AI development initiatives in the region. The UAE, recognized as a global leader in digital finance, continues to attract major players like BlackRock, which has already made strides in the crypto space with its iShares Bitcoin Trust ETF.
Solana DApps Hit Record Fees Amid Resurgent Memecoin Mania
Solana-based decentralized applications (DApps) have seen record-breaking fee activity, driven by a resurgence in memecoin speculation and a surge in Solana's native token price. Five of the top 10 crypto protocols by fee earnings in the past 24 hours were on Solana, according to DefiLlama data. Key contributors include Raydium with $11.3 million in fees, Jito at $9.87 million, and memecoin-related platforms like pump.fun and Photon. Memecoins like Peanut (PNUT) and Dogwifhat have fueled this frenzy, with SOL's price climbing to $242, its highest since 2021. Despite supply inflation from its staking rewards, Solana’s market cap has reached $112 billion, 44% above its previous all-time high.
Trading Desk Insights
This AM, BTC sprinted to match last Friday’s ceiling of 92k, only to dip under the 90k mark—a hot zone lately. Meanwhile, SOL punched above $240, marking a three-year high while BTC caught its breath, stealing the show in today's session. Watch the SOLBTC ratio; it’s edging towards a breakout that could send SOL even higher. Over the weekend, XRP exploded to a three-year peak, topping $1.20 with futures betting hitting the roof at $2 billion, signaling more chop ahead. This surge rides on the back of expectations that the incoming Trump admin could ease up on regulations, a potential boon for stateside coins like XRP.
BTC’s correlation with the stock market is getting looser by the day. In '24, BTC and the Nasdaq only moved in lockstep 50% of the time. We’ve seen 1:1 correlation back in '21 and '22 when the macro scene was center stage. Post-March, though, while Nasdaq has been hitting fresh highs, BTC's been treading water. Since the election results, BTC’s been on a tear as Nasdaq plateaued. Currently, the 30-day correlation’s chilled to 0.45, signaling BTC might be breaking free as it climbs the ranks to become the seventh largest asset by market cap.
In a bold move, MicroStrategy has scooped up an additional 51,780 BTC, investing $4.6 billion, The tech company currently holds around $30 billion worth of BTC. Equity futures are tossing up mixed signals as Wall Street gears up for a hefty earnings lineup this week, with Nvidia on deck for Wednesday. The post-election rally’s got eyes peeled, especially with Powell's latest hint that the Fed’s in no rush to slash rates amidst robust economic growth and a solid job scene—factors that sparked last week's sell-off.
Crypto Charts
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This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
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