Bitcoin on track for fourth weekly profit in row
Bitcoin rose on Friday on track for the second daily profit in a row, trading near three-month highs and about to mark the fourth weekly profit in a row on strong crypto momentum.
The currency is targeting the coveted $100,000 once more as US company MicroStrategy raised its bitcoin holdings to a new record high, and with strong cash inflow into bitcoin exchange funds in the US, boosting liquidity.
The Price
Bitcoin rose 0.8% at Bitstamp today to $97,306, with a session-low at $96,399.
On Thursday, bitcoin rose 2.5%, the first profit in three days, hitting a three-month high at $97,470.
Crypto Market Value
The market value of cryptocurrencies rose by $20 billion on Friday to a total of $3.132.
Bitcoin is up 3.5% so far this week, on track for the fourth weekly profit in a row.
MicroStrategy
Through the X platform, MicroStrategy’s chairman Micheal Saylor announced a new round of bitcoin purchases amounting to 15,355 units, bringing the company’s holdings to a new record high.
The purchase occurred between April 21 and 26, with the company spending $1.42 billion in total, averaging $92,737 per unit.
After the new acquisition, the company now holds 553,555 units in total, worth $37.93 billion, with an average price of $68,519 per bitcoin.
Bullish Outlook
The crypto market moved within a limited range last week, which opened the way for a strong higher breakout in upcoming sessions.
Periods of calm sideways trading in the crypto market are usually followed by aggressive one-sided breakouts, with bitcoin likely surpassing $100,000 soon.
Bitcoin Exchange Funds
US bitcoin funds had inflows of over $3 billion over the past 9 days, with the series of increasing inflows capped by a drop of $56 million on Wednesday.
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US economy adds more jobs than expected in April
The US economy added 177 thousand new jobs in April, above expectations of a 138 thousand addition, while the previous reading was revised downward to show an addition of 228 thousand instead of 185 thousand.
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US average earnings recede in April
US average hourly earnings rose 0.2% in April, below estimates of a 0.3% rise, and down from a 0.3% increase in March.
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US unemployment rate unchanged in April
US unemployment was unchanged in April at 4.2%, same as expectations.
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