Michael Saylor's MicroStrategy Buys $616M Worth Of Bitcoin, Brings Total Holdings To $6B

MicroStrategy (NASDAQ: MSTR) keeps accumulating Bitcoin (CRYPTO: BTC). What Happened: Michael Saylor, the firm's founder and chair, coinfirmed on social media that MicroStrategy acquired 14,620 BTC at an average price of $42,110 each for a total value of $615.7 million.

Timeline of Bitcoin

In what could potentially be a setup for bear trap amid hopes of an early approval of the spot Bitcoin ETF, BTC whales have transferred large holdings to crypto exchange Coinbase. This comes after Grayscale, which is expected to be among the first ETF seekers to get the nod from the U.S. Securities and Exchange

Crypto investors are eagerly waiting for the approval of a spot Bitcoin exchange-traded fund (ETF). However, a recent splash on crypto lobbying is creating hope for the longer-lasting survival of the asset.

The SEC has issued a deadline for spot Bitcoin ETF applications, triggering fierce competition among firms vying for a coveted spot in the first wave of approvals. The deadline, set for December 29, has put significant pressure on applicants to finalize their filings and meet the stringent requirements set forth by the regulatory body.

The crypto market faced significant liquidations of nearly $170 million post-Christmas, triggered by a slight decline in the values of major cryptocurrencies. Data from CryptoSlate indicates that the largest cryptocurrency by market capitalization, Bitcoin, declined 1.18% to $42,639, reminiscent of its run in the previous week.

In a detailed analysis, Bloomberg highlights the dramatic shift in the cryptocurrency market from the gloom of 2022's $1.5 trillion wipeout to a state of avarice by the end of 2023. This transformation is marked by Bitcoin's significant resurgence and the crypto community's optimistic outlook on regulatory developments.

The crypto prices today had regained momentum indicating that the investors are still engaging in the trading activities despite a holiday mood. Generally, trading activity slows down during the holiday season, as whales and investors go for a break during this period.

Applicants for a spot Bitcoin exchange-traded fund (ETF) are facing a critical deadline set by the United States Securities and Exchange Commission (SEC). According to a Reuters report, citing public memos and sources familiar with the matter, the SEC has mandated that final S-1 amendments for spot Bitcoin ETFs must be filed by December 29.

Market signals in the Far East are emerging for the first time since the last Bitcoin cycle top. The Korean premium is showing an overheated market, which could be a signal of a local Bitcoin top.

The cryptocurrency community is abuzz with anticipation as the U.S. Securities and Exchange Commission (SEC) nears its decision to approve several spot Bitcoin Exchange-Traded Funds (ETFs). This development has significant implications for the wider crypto market, including altcoins like Shiba Inu (SHIB) and the PawZone (PAW) token.

Exchange balance data reflects investor behavior and is a crucial metric in cryptocurrency trading. It indicates whether investors are more inclined to store their Bitcoin holdings off-exchange, which can signal a bullish sentiment, or to keep them on exchanges for potential sale or trade, often seen as a bearish indicator.