Bitcoin returned above $71,000 for first time in more than week
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Most digital assets were up at the time of writing, with Bitcoin rising 5.41% in the last 24 hours to $70,689. Bitcoin previously hit an intraday high of $71,583, the first time it had traded above $71,000 in more than a week. Shares of cryptocurrency-related companies have also risen. Bitcoin proxy MicroStrategy gained 20%, crypto exchange Coinbase Global jumped 9% and miner Marathon Digital rose 5%.has been an outspoken supporter of Bitcoin as a store of value and inflation hedge. His company, MicroStrategy, has made major investments in Bitcoin, accumulating about 1% of all the Bitcoin that will ever be issued.
Saylor's MicroStrategy has been accumulating Bitcoin since 2020, amassing a staggering 214,246 Bitcoin at an average of $35,160 per coin.This bold strategy has not only placed MicroStrategy at the forefront of corporate Bitcoin investment but also turned the company into a beacon for other institutional investors considering cryptocurrency as a viable asset class.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst.
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