Bitcoin surges again, and corporates start to invest more

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Bitcoin surges again, and corporates start to invest more

Bitcoin increased after Elon Musk’s announcement last week. Musk said Tesla would resume allowing Bitcoin transactions only after miners started using more renewable energy.  After that, Bitcoin broke through for the first time in more than two weeks on Monday and reached US$41,000.

Today’s Bitcoin price has risen by more than 3%, and the transaction price is $40,293. Ether also rose slightly but remained within the recent $2,600 range, up 4%. The trading price of Dogecoin was $0.32, an increase of 0.7%.

The trading prices of other cryptocurrencies such as XRP and Litecoin have also increased in the past 24 hours.

As of the week of June 11, the total outflow of cryptocurrencies reached US$21 million. Since mid-May, total flows have reached US$267 million, accounting for 0.6% of total assets under management.

The data shows that the token used in the Ethereum blockchain has flowed out of up to $12.7 million last week. The token is one of the strongest performing tokens this year.

The outflow of Bitcoin fell to 10 million U.S. dollars last week, far below the record of 141 million U.S. dollars the previous week. The trading activity of Bitcoin products increased by 43% from the previous week.

MicroStrategy raises $500 million in bonds to invest more in Bitcoin

MicroStrategy is a business analytics company that owns more bitcoin than any other public company globally. The company has raised $500 million in bonds to buy more of the world’s largest cryptocurrencies.

In MicroStrategy’s bitcoin fund of the same name, investment manager Grayscale owns 654,885 tokens, valued at more than 24 billion U.S. dollars.

Virginia-based MicroStrategy said Monday morning that it had completed the issuance of US$500 million secured notes due in 2028. It exceeded the US$400 million target announced last week.

According to reports, the company received more than 1.5 billion U.S. dollars in the issuance order, which shows that institutional investors have shown strong interest in this issue. At that time, the Bitcoin price was at a one-month low of about 33,400 U.S. dollars.

Given its significant cryptocurrency investments, MicroStrategy stocks tend to adapt to the unexpected price fluctuations of Bitcoin. The company stated that it expects at least $284.5 million in impairment losses in the second quarter.

Since February, Bitcoin had fallen by more than 50%. Cryptocurrencies have fallen by about 40% over the same period. However, like MicroStrategy, their prices have risen by more than 300% in the past year.

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