Strategy · Bitcoin · Iran · Donald Trump · Cointelegraph
Today in crypto, Strategy's latest Bitcoin purchase pushed its holdings to 846,842 Bitcoin
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Today in crypto, Strategy's latest Bitcoin purchase pushed its holdings to 846,842 Bitcoin, as the cryptocurrency’s continued recovery hinges on a successful deal between the US and Iran.
Key facts
- Strategy acquired 1,587 Bitcoin (BTC) for $100 million between June 8 and 14, according to Monday's 8-K filing with the US Securities and Exchange Commission
- The purchase was made at an average price of $63,024 per Bitcoin, bringing the company’s overall average cost basis slightly lower to $75,656
- With the latest buy, Strategy now holds 846,842 BTC, accumulated at a total cost of $64.07 billion
- LVRG Research director Nick Ruck told Cointelegraph that despite Bitcoin (BTC) reclaiming $67,000 on Monday, its “momentum remains weak, with declining volume and stagnant on-chain metrics indicating that the recovery lacks conviction and could quickly fade
Summary
Bitcoin’s continued recovery is hinged on a successful peace deal between the US and Iran as Swissblock shows on-chain metrics signal the cryptocurrency remains weak despite its recent recovery. LVRG Research director Nick Ruck told Cointelegraph that despite Bitcoin (BTC) reclaiming $67,000 on Monday, its “momentum remains weak, with declining volume and stagnant on-chain metrics indicating that the recovery lacks conviction and could quickly fade.” Swissblock said on Monday that Bitcoin’s price momentum, measuring the strength of its price movements, and on-balance volume (OBV), which measures buying and selling pressure, remain in a “weak momentum and participation regime.