Gamza Khanzadaev
Bitcoin’s price rebound coincides with significant statement from Michael Saylor
As of today Sunday afternoon, the price of Bitcoin (BTC) is trading in slight negative territory, quoting at $63,700. However, during the past week, we can state that the price of the main cryptocurrency grew by almost 1%.
Delving deeper into the BTC price chart we can see that from the week’s lows of $56,552 to the highs of $64,734 Bitcoin has climbed 14.3%. That’s a pretty solid result for an asset whose capitalization exceeds $1.25 trillion.
In the midst of these market movements, Michael Saylor, a prominent advocate for cryptocurrency, made a significant statement titled “Bitcoin Emerges.” The statement, characteristic of Saylor’s consistent support for the cryptocurrency, signals a notable moment in Bitcoin’s ongoing narrative.
MicroStrategy’s macro steps
In addition to Saylor’s announcement, MicroStrategy, the company headed by him, introduced a new development known as MicroStrategy Orange earlier this week. This open-source decentralized identity protocol utilizes Bitcoin’s Segregated Witness capabilities, enabling efficient storage of DID-related data with minimal size and content restrictions.
Regarding MicroStrategy’s Bitcoin holdings, the company revealed impressive figures in its latest earnings report. With 214,400 BTC valued at more than $7.5 billion, the company continues to assert its position as a major BTC holder.
Notably, the company boosted its holdings by acquiring an additional 122 BTC for $7.8 million in April, further strengthening its cryptocurrency reserves. Despite a 5% decline in revenue year-over-year, totaling $115 million, MicroStrategy remains focused in its Bitcoin-focused approach.
Read More: Michael Saylor Unveils Crucial Bitcoin Statement as Price Recovers