All the recent activity that is taking place in the crypto market in terms of the Bitcoin adoption by MicroStrategy amassing more and more of it, El Salvador accepting Bitcoin legally as a currency and feats of the Victor Capital, in a sense, has saved the day. These events together provided the bulls with a much-needed boost for balancing out Friday’s Bitcoin expiry option. Come this Friday, about $565 million in the Bitcoin options was set to expire; this is true because the last couple of weeks have been rough, in particular for the bulls.
The price of Bitcoin has been struggling all of the recent week to remain afloat the $30k. But thanks to this ecstatic turn of events, Bitcoin has been saved from laying to a waste that would have been imminent given the Bitcoin’s price remained lower than $31k. The price has flourished all the way from the lows of $30k to $38k as of today.
The turn of events that led it to happen is interesting but very flattering too and almost feels like a coincidence, but could it be? First of all, there is MicroStrategy, a pro-crypto enterprise, and they have been buying Bitcoin non-stop for some time now. It recently announced a $500 million bond offering that will be used to buy more Bitcoin. On the very same day, El Salvador’s president came out with the desire to buy Bitcoin, and by the end of the day, Bitcoin was approved as a legal tender in the country. Furthermore, the government also came forward with the news that they will be holding about $150 million worth of Bitcoin in a trust fund too.
This stream of the positive news flow even continued to the next day when Victory Capital, an asset manager worth $157 billion, announced that it would be investing in a private fund that will track the NASDAQ crypto index. It consists of a varied proportion of cryptocurrencies, and among the top is Bitcoin, followed by Ethereum and a few other altcoins as well.