Bitcoin finally broke above $38,500 once more after trading low for a couple of days. This latest jump in price may come as a surprise to many but the factors behind it suggest that it had already been in the making. So here are three reasons that drove the Bitcoin price above $38,500.
MicroStrategy Makes A Large Bitcoin Bet
For around three years now, Michael Saylor’s MicroStrategy has been buying Bitcoin, with billions of dollars already spent so far. However, even with its already massive stash, the company is not slowing down on buying the cryptocurrency which has risen in price over the past year.
On Thursday, November 30, Saylor revealed that the company had doubled down on its Bitcoin bet once again. According to the post, the company had purchased $593 million worth of Bitcoin, which came out to 16,130 BTC.
This continued accumulation by the company has renewed interest from investors who are flocking back into the market at a rapid. MicroStrategy’s large buying bid has
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