Major cryptocurrencies rose on Monday evening following an announcement by software developer MicroStrategy (NASDAQ:MSTR). 

What Happened: As per a regulatory filing on Monday, MSTR revealed their acquisition of approximately $150 million worth of Bitcoin between August 1 and September 24.

“MicroStrategy, together with its subsidiaries, acquired approximately 5,445 bitcoins for approximately $147.3 million in cash, at an average price of approximately $27,053 per bitcoin, inclusive of fees and expenses,” the company said in the filing.

MicroStrategy has bolstered its Bitcoin holdings to around 158,245 BTC. The digital assets were acquired for an aggregate purchase price of approximately $4.68 billion, with an average purchase price of roughly $29,582 per bitcoin.

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Currently, the global crypto market capitalization stands at $1.04 trillion, a 1.10% decrease in the last day.

The S&P 500 started the final week of September with a climb, rebounding from the significant losses experienced earlier in the month. The broader index saw a 0.4% increase, reaching 4,337.44. Similarly, the Nasdaq Composite closed higher, rising by 0.45% to 13,271.32. 

Meanwhile, U.S. Treasury yields rose on Monday as investors assessed the future of interest rates and awaited upcoming economic data. The yield on the 10-year Treasury jumped over 10 basis points to 4.542%, its highest level since 2007 when it reached 4.57%.

This week, market participants will pay close attention to housing sector data and the personal consumption expenditure price index, the Fed’s preferred inflation gauge, which is set to be released on Friday. Additionally, remarks from various Fed speakers could provide further insights into the future of monetary policy.

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Analyst Notes

Crypto analyst Michael Van de Poppe highlights an interesting phenomenon in the market: When the markets start to rally, many people are still convinced that the markets will continue to decline, leading to new lows.

“Until they don’t and people need to FOMO back in.”

Daan Crypto highlights the often overlooked challenges of acquiring 158K Bitcoin in a market that is trending upwards, offering near-zero yields, and with the money printer back in action.

“If your plan is to buy these amounts, like Saylor, you better do it in a bear market or you simply won’t have the available supply,” the analyst said.

Another analyst, Zia ul Haque, pointed out an interesting fact: when Microstrategy increases its BTC holdings, the market tends to experience further dips.

Photo by stockphoto-graf on Shutterstock

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