Although Michael Saylor buys the Bitcoin market empty like a vacuum cleaner, little changes in the general trend. Why is that? The market update.
The picture on the crypto market is mixed. While bitcoin, the workhorse, is trading at 45,341 US dollars (USD) 1.1 percent above the previous day’s level, altcoins such as Cardano (ADA) are in a somewhat worse position: ADA is currently posting a 2 percent decline.
Ethereum (ETH) also doesn’t really know what to do with it and today only brings a daily plus of 0.5 percent on the scales. The winner on points is – as has so often been the case recently – high-flyer Solana (SOL) . With a 3.6 percent increase in 24 hours, SOL is trading at $ 166 at the time of writing.
Meanwhile, there is no really clear direction in the overall market – if at all, then sideways.
- Binance Coin (BNB): $ 400 (+0.2 percent)
- Polkadot (DOT): $ 35 (+1.4 percent)
- Dogecoin (DOGE): 0.2365 (- 1.6 percent)
Even a look at the Fear and Greed Index does not initially indicate a trend reversal. Because market participants are currently in a rather negative sentiment. However, a look at the charts gives reason for hope. Because here there is a certain similarity to the course of September 2020 – shortly before BTC set out on its month-long rally.
Can Michael Saylor turn the winch?
But why is Michael “Gigachad” Saylor’s aggressive purchasing policy not enough for a trend reversal these days? Let’s take a look at the Macro ecosystem in the Bitcoin cosmos.
Every day the Bitcoin network emits 900 BTC (6.25 BTC per block every ten minutes). That corresponds to the equivalent of about 40.5 million US dollars in value – according to the current exchange rate. Now yesterday, Monday, September 13th, we received the news that Michael Saylor, or rather his company MicroStrategy, has again bought BTC with a total value of 242 million US dollars. As the company’s CEO announced via Twitter, MicroStrategy Treasury now owns an additional 5,050 BTC and has a total of 114,042 BTC.
The period in which the acquisition took place is not known. The average price of $ 48,099 suggests that it was quite small. After all, Bitcoin has only been trading on this channel since the beginning of September. 5,050 Bitcoin, in turn, correspond to the total new issue of coins of more than five days. In other words, MicroStrategy is draining the market.
At this point you have to ask yourself why the Bitcoin price is still trading in the sideways channel. Well, the answer is simple: it’s not enough for a trend reversal. On the global Bitcoin markets, between 50 and 80 billion US dollars in value are converted every day – 242 million US dollars spread over several days is nothing more than a drop in the ocean. And of course not only freshly mined BTC are traded, but above all older UTXOs.
But at the end of the day, that’s good news. Bitcoin is growing up. And so one man alone can no longer determine the fate of the largest decentralized network in the world.