24 Jan 2022

Coinbase bidder lifts BTC - Saylor back at it again?

Yesterday afternoon, bitcoin saw a substantial recovery with volumes picking up substantially on Coinbase. Is Saylor back at it again?
Source: Coinbase, Binance, FTX, Kraken, Bitstamp, Tradingview
Shortly after the U.S. stock market open yesterday at 15:30 (UTC+1), volumes began picking up on Coinbase as some entity was seemingly buying aggressively into bitcoin through a TWAP approach.The sustained bidding lifted the entire market. While the significant Coinbase premium remained, the BTC price grew 5.5% from $34,200 to $36,200 over the course of two hours, with BTC temporarily decoupling from the stock market.Market participants quickly began speculating if MicroStrategy was back into the market, absorbing large chunks of bitcoin, as this market activity was similar to what we’ve seen in previous MicroStrategy BTC purchases. If this is the case, we can expect to see a MicroStrategy announcement hitting the market at 1 PM UTC sometime this week.Following previous MicroStrategy announcements, the price has tended to decline in the aftermath. Therefore, it could be valuable to pay attention to any news from them in the coming days.However, it is far from certain that this is MicroStrategy bidding. BTC has fallen 50% from its ATH and is currently trading near the lows of its 1-year trading range. Thus, this could very well also be the result of other entities viewing this as an attractive entry point.
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