Cryptocurrency investors have been in a joyful mode as Bitcoin price rises to $39.7k approaching $40k after staying below the $40k margin for over a year period.
Bitcoin surged to $39,700, reaching its highest point since May 2022, driven by optimistic prospects for increased institutional demand. The cryptocurrency experienced a 2% uptick the previous days, settling around $38,600 after a slight retreat. Global stock markets also saw gains, with U.S. S&P 500 and Dow Jones futures rising by 0.17%, and Europe’s Stoxx 600 advancing by 0.52%. The price spikes coincide with growing excitement surrounding a proposed U.S. bitcoin exchange-traded fund (ETF) and on-chain data indicating a substantial amount of the asset has moved to cold storage, signaling demand and a lack of immediate sell pressure.MicroStrategy, the leading corporate holder of bitcoin (BTC), expanded its holdings in November by acquiring 16,130 BTC, valued at approximately $608 million at Thursday’s prices. The software developer, founded by Michael Saylor, made the purchase for about $593.3 million in cash at an average price of around $36,785 per coin, bringing its total holdings to 174,530 BTC, acquired at an average of about $30,252 per coin. These November acquisitions signify an acceleration in MicroStrategy’s bitcoin purchasing activities, increasing its holdings by over 10% within a month, following the end of October, when it held 158,400 BTC, having obtained 6,607 BTC since the beginning of the third quarter.The Brazilian Senate passed new income-tax regulations, potentially subjecting citizens to up to a 15% tax on earnings from cryptocurrencies held on international exchanges, effective from January 1 if sanctioned by President Luiz Inacio Lula da Silva. The bill, approved by the Chamber of Deputies, applies to Brazilians earning more than $1,200 from foreign exchanges and investment funds with a single shareholder. The government aims to generate $4 billion in revenue from these taxes in the new year.
