Bitcoin rose on Tuesday and resumed the gains after a short hiatus yesterday, approaching four-month highs once more amid a positive sentiment in the crypto market after new purchases by major corporations.
The price is also boosted by the dollar’s drop to a two-week trough against a basket of major rivals after the US credit rating downgrade, and following renewed calls by Donald Trump on the Federal Reserve to cut interest rates.
The Price
Bitcoin rose 1.1% at Bitstamp today to $106,851, with a session-low at $104,910.
On Monday, bitcoin lost 0.85% on profit-taking away from a five-month high at $107,115.
Crypto Market Value
The market value of cryptocurrencies rose by $35 billion on Tuesday to a total of $3485 trillion.
MicroStrategy
Through the X platform, MicroStrategy’s Chairman and co-founder Micheal Saylor announced a new round of bitcoin purchases amounting to 7390 units, raising total holdings to a new record high.
The purchase occurred between May 12 and May 18, with the company spending $764.85 million in total, averaging $103,498 per unit.
Following the acquisition, the company now holds 576,230 units, averaging $69,783 per unit with a total value of $40.21 billion.
MetaPlanet
Japan’s MetaPlanet also expanded its bitcoin holdings by 1004 units, purchased between May 12 and 18, at a value of $104.29 million, averaging $103,873 per unit.
Following the new purchase, the company’s total holdings rose to a record 7800 units at a value of $712.46 million, averaging $91,341 per unit.
US Dollar
The dollar index fell 0.4% on Tuesday to a two-week trough at 100.05 against a basket of major rivals.
Moody’s finally joined Standard & Poor and Fitch and downgraded the pristine US credit rating by one notch, pointing to the persistent US budget deficit and higher borrowing costs as reasons for concern.
US President Donald Trump once again called on the Federal Reserve to cut rates soon as a necessary measure to support the US economy against increasing global challenges.
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