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Software company Strategy — formerly MicroStrategy — resumed buying Bitcoin last week after taking a week-long breather. Strategy now owns nearly 500K BTC in total Bitcoin holdings after the latest purchase. The company’s renewed Bitcoin acquisition could signal increased market confidence, potentially influencing other institutional investors’ strategies. Strategy Boosts Bitcoin Cache By $2 Billion Strategy has added more Bitcoin to its corporate treasury. The company, which trades on the Nasdaq under the ticker MSTR, announced Monday that it had spent another $1.99 billion buying 20,356 orange coins between February 18 and February 23. In its latest buying spree, the Michael Saylor-founded company bought the BTC at an average price of $97,514 per token, including expenses and fees. This puts Strategy’s total Bitcoin stockpile at approximately 499,096 BTC. At bitcoin’s current price of $94,156, the holdings are worth about $46.9 billion. The aggregate cost of the company’s Bitcoin stash is approximately $33.1 billion, which shows its long-term commitment to the world’s largest crypto. The acquisition came as Strategy raised another $2 billion in a 0% senior convertible note offering to purchase more Bitcoin, which raised $1.99 billion after expenses. As ZyCrypto previously reported, the notes mature on March 1, 2030, and will be unsecured senior obligations — bonds that aren’t backed by collateral. The $2 billion convertible note offering is part of Strategy’s ambitious “21/21 Plan”, aiming to raise $42 billion in capital in the next three years to buy more Bitcoin. The plan would see the firm raise $21 billion via equity, with another $21 billion through fixed-income securities. The self-described “Bitcoin Treasury company said it has already raised $20 billion of that $42 billion, fueling its Bitcoin acquisition spree mainly through senior convertible notes and debt. Its recent Bitcoin acquisition of 7,633 BTC occurred in the week ending Feb. 9. Strategy’s Pivot To Bitcoin Once a little-known software intelligence company, Strategy started buying Bitcoin back in 2020 in a bid to create good returns for shareholders amid the pandemic havoc. Then-CEO Saylor who said at the time that Bitcoin was the best investment, still asserts today that the apex cryptocurrency is an inflation hedge. As the firm’s Bitcoin holdings near half a million, Strategy has an unrealized profit of roughly $13.8 billion, data from Saylortracker shows. Strategy is arguably the world’s largest corporate holder of the foremost crypto by far. For perspective, Strategy currently holds over 2.3% of Bitcoin’s total 21 million supply. The pseudonymous creator of Bitcoin, Satoshi Nakamoto, is projected to hold around 1.1 million BTC. Notably, more companies are increasingly following in Strategy’s footsteps, adopting Bitcoin as their treasury hedge asset.

The post XRP’s Path to $2.10, Bearish Signal Flashes Warning appeared first on Coinpedia Fintech News In the past few days, the overall cryptocurrency market has experienced a notable price drop, shifting market sentiment. Amid this, XRP, the native token of Ripple Labs, failed to hold its crucial support level at the $2.50 mark and is now poised for a significant decline. XRP Technical Analysis and Upcoming Level According to expert technical analysis, XRP appears bearish as it has broken down from an ascending triangle pattern on the four-hour timeframe. This bearish outlook was further confirmed by breaching and closing a candle below the crucial $2.50 support level. Source: Trading View Based on recent price momentum and historical patterns, if the asset remains below this key support, it could drop by 13% to reach the $2.10 mark in the coming days. In addition to the bearish price action, XRP is trading below the 200 Exponential Moving Average (EMA) on the daily timeframe, indicating that the asset is in a downtrend. Current Price Momentum XRP is currently trading near the $2.46 level and has dropped over 3.80% in the past 24 hours. However, during the same period, its trading volume surged by 100%, indicating increased participation from traders and investors compared to previous days. The 100% jump in trading volume isn’t necessarily a bullish sign. It typically occurs when an asset either breaks out or breaks down from a pattern, as traders actively participate to capture a major move. In this case, it was likely driven by the breakdown of the ascending triangle. $15 Million Worth of XRP Outflow Despite this bearish outlook, investors and long-term holders appear to be accumulating the token, following the “Buy the Dip” strategy, as reported by the on-chain analytics firm Coinglass. Data from spot inflow/outflow reveals that exchanges have witnessed a significant outflow of $15 million worth of XRP tokens in the past 24 hours. Source: Coinglass Such an outflow from exchanges indicates potential accumulation, which can create buying pressure and potentially slow down the price decline.

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