Bitcoin posted a sharp rise, extending its recent rally after Strategy, the largest corporate holder of Bitcoin, announced additional purchases this week.
The world’s largest cryptocurrency advanced over the past week as disappointment surrounding delays to the key US crypto regulatory bill known as the Clarity Act was partly offset by separate regulatory initiatives from the Securities and Exchange Commission and the Commodity Futures Trading Commission. Falling oil prices and Treasury yields also encouraged a broader increase in risk appetite across cryptocurrency markets.
Bitcoin rose 4.9% to $85,561.6 after touching its highest level in nearly eight months.
Strategy disclosed that it purchased an additional 950 Bitcoin worth $75.7 million, taking its total holdings to 846,000 Bitcoin, the highest level since late June. The company also said it repurchased 1.77 million preferred shares worth $174.0 million as part of ongoing efforts to reduce its dividend obligations.
Separately, media reports said US federal prosecutors are investigating whether Binance violated sanctions on Iran by facilitating certain trading activity on its platform and whether the exchange knowingly allowed those transactions. Binance had previously settled money laundering related cases by paying a substantial financial penalty.
Across the broader market, other cryptocurrencies also posted gains as Bitcoin’s rally supported sentiment. Ethereum rose 2.7% to $2,733.53, while XRP climbed 5.5% to $1.5156. Sentiment was also supported by a US regulatory decision allowing qualifying platforms an exemption to trade tokenized stocks on blockchain networks, increasing expectations of deeper integration between blockchain technology and traditional financial markets.
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