Bitcoin surges past $85k as Strategy buys more coins
Investing.com-- Bitcoin rose sharply on Tuesday, as a recent rally was extended by top corporate holder Strategy disclosing more purchases of the cryptocurrency this week.
The world’s largest crypto rose sharply through the past week as disappointment over the failure of a key U.S. regulatory act– Clarity– was offset by the SEC and the CFTC introducing their own crypto regulation.
Falling oil prices and Treasury yields also spurred a broader risk-on rally in crypto markets.
Bitcoin rose 4.9% to $85,561.6 by 01:52 ET (05:52 GMT). The crypto hit a near eight-month high on Monday.
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Strategy buys 950 Bitcoin, also buys back preferred stock
Strategy Inc (NASDAQ:MSTR) on Monday disclosed it had bought back 950 Bitcoin for $75.7 million between September 14 and September 20.
The purchase brought Strategy’s total Bitcoin holdings to 846,000 coins, their highest level since late-June, but still below a record high of 847,363 coins.
Still, the purchase helped spur some confidence in Strategy’s Bitcoin treasury, especially given that the company had sold some of its holdings earlier this year.
Strategy also disclosed it had repurchased 1.77 million shares of its STRC preferred stock in the September 14-20 period for $174.0 million.
The company has been steadily buying back its preferred stock to lower the amount of dividend obligations it has on the equity.
Strategy’s Bitcoin purchases were all purchased through a mix of debt and equity issuances.
Binance probed by U.S. DOJ over possible Iran sanctions violations- Bloomberg
U.S. federal prosecutors are investigating whether Binance violated sanctions on Iran by facilitating certain trading activity on its platform, Bloomberg reported on Monday.
Authorities are also probing whether Binance knowingly allowed the trading.
The world’s biggest crypto exchange had paid a $4.3 billion fine to the U.S. after pleading guilty to breaking U.S. anti-money laundering and sanctions laws.
BNB lagged its altcoin peers with a 1.8% rise on Tuesday.
Crypto price today: altcoins rally with Bitcoin
Broader crypto prices rose on Tuesday, tracking Bitcoin’s rally through the past week.
World no.2 crypto Ether rose 2.7% to $2,733.53, while XRP rose 5.5% to $1.5156.
Altcoins were encouraged by the U.S. Securities and Exchange Commission on Thursday granting a five-year exemption allowing qualified platforms to trade tokenized U.S. stocks on blockchain-based platforms.
The decision spurred hopes for more blockchain integration within traditional financial markets, and helped traders look past the failure of the Clarity act.
Altcoins logged strong gains on this development, given that a bulk of tokenization is expected to take place on altchains over Bitcoin.
Among other altcoins, XRP rose 5.5%, Solana rose 4.2%, and Cardano rose 4.6%.
Memecoins Dogecoin and $TRUMP rose 12.2% and 3%, respectively.
