Investors flocked to purchase crypto assets, particularly Bitcoin Rises, following Donald Trump’s victory, creating an optimistic climate in the crypto market. According to current data, the asset’s exchange supply fell sharply following the US presidential election. On Tuesday, December 17, senior crypto researcher Mads Eberhardt of Steno.
Research revealed that investors withdrew an unprecedented 181,000 BTC from exchanges in the month after the US elections. At the current currency rate, this sum is almost $18 billion. This year’s 500,000 Bitcoin tokens withdrawn from exchanges account for just 36.2%. The president-elect encouraged a Bitcoin rush with numerous pro-Bitcoin promises, including a national reserve.
Supply drives Bitcoin spike
The asset’s value may rise if the latest statistics indicate that supply falls and demand remains stable or increases. Asset performance since the election may be attributable, in part, to withdrawals from the exchange. The asset’s worth has risen from an initial estimate of around $67,850 to a current level of over $100,000, an increase of more than 47%. The newest Bitcoin boom is spearheaded by publicly traded companies, which is interesting.
Companies like Metaplanet, Marathon Digital, and MicroStrategy have been purchasing shares at a frightening rate as of late. According to Bitcoin Treasuries, over 171,430 bitcoins, or about $17 billion, have been purchased by MicroStrategy since the election. Between December 2 and 8, the most recent purchase cost the corporation $2.1 billion and involved the purchase of 21,550 bitcoins, which were announced on Tuesday, December 17.
Businesses improve Bitcoin’s value
Bitcoin Rises is becoming more and more integrated into company financial statements as a means for companies to increase value. This is because equities associated with these companies are commonly purchased by investors looking to gain exposure to the leading digital currency. This is not intended to be financial advice.
The purpose is only informative. Although the author expresses their views in this piece, The Crypto Basic does not support them. Readers should not make any investment decisions without first conducting extensive research. Crypto Basic is not responsible if any financial loss occurs.
Summary
In the month after the US presidential election, the amount of Bitcoin available for purchase dropped significantly as 181,000 BTC, or approximately $18 billion, were removed from exchanges. The price of Bitcoin leaped to new heights, surpassing $100,000 with a 47% increase due to increasing demand and a sharp decrease in supply. Marathon Digital, Metaplanet, and MicroStrategy are among the public firms that have been buying Bitcoin in large quantities. Marathon Digital has spent $17 billion on Bitcoin since the election. Many companies integrate Bitcoin into their financial systems to boost value and entice investors.
