Simply put
- Bitcoin prices exceeded $80,000 overnight for the first time since January.
- Both Bitcoin and Ethereum have seen strong gains over the last month after a rough start to the year.
- Strategy did not purchase any Bitcoin last week ahead of its next earnings report.
Bitcoin’s price surpassed the $80,000 milestone overnight for the first time since late January, marking another milestone in the major cryptocurrency’s rebound, which has dipped below $65,000 at multiple points in recent months. And this comes as Bitcoin’s main holder, publicly traded Strategy Inc., took a rare week off to accumulate Bitcoin.
Bitcoin hit a recent high of $80,529 early Monday morning ET, but has since fallen to its most recent trading price of $79,300. The price is up 0.8% on the day and more than 18% over the past 30 days, according to CoinGecko data.
Ethereum similarly posted double-digit gains over the last month, rising nearly 15% during that time and recently reaching a trading price of $2,350, while other top coins such as XRP and Solana had less significant monthly gains.
Bitcoin, Ethereum and most other major coins plummeted earlier this year after US President Donald Trump launched a war on Iran with ally Israel, and volatility rocked risk assets such as cryptocurrencies. But they have been resurgent in recent weeks amid the ceasefire and hope the conflict will end soon.
According to CoinGlass data, $461 million worth of futures positions have been liquidated across crypto markets in the past 24 hours, including $213 million worth of Bitcoin positions and $118 million worth of Ethereum-related positions. Short sales accounted for the majority of total liquidations, totaling $317 million as crypto bears have been hit by the market rally.
Strategy, which owns approximately $65 billion worth of Bitcoin, reliably announces its weekly BTC purchases every Monday morning, with rare exceptions. This week was one of those exceptions, but it was as expected. The company typically skips buying in the week before its quarterly earnings report, which will be released this Thursday.
“I won’t be buying this week. I’ll be back to work next week,” Strategy co-founder and executive chairman Michael Saylor wrote in Sunday’s X.
