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MicroStrategy Bought More Bitcoin In October As Asset Gained Value

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Today’s Cryptocurrency Headline

MicroStrategy Chairman and founder Michael Saylor said the company nabbed another 155 bitcoin for $5.3 million in October, a month marked by a surge in price for the most popular of cryptocurrencies.Saylor also said in a post to X, where he also teased the company’s release of its third-quarter earnings, that MicroStrategy now holds 158,400 bitcoin. A little more than a month ago, the company stated in a filing it had purchased 5,445 bitcoins for $147.3 million — at an average price of $27,053 per bitcoin — between Aug. 1 and Sept. 24.That set MicroStrategy up for some quick gains on its recently purchased bitcoin as the price for the digital asset soared in October, nearly hitting $35,000 at one point. Bitcoin is currently hovering just below that mark amid excitement that spot bitcoin ETFs might soon gain the necessary approval required before investors can pour money into the new financial instrument.

BingX’s Bitcoin Chart

Source: TradingView & BingX

After securing regulatory approval, Coinbase’s service offering crypto futures trading to eligible retail U.S. customers is now active and includes “nano” bitcoin contracts, the company said in a statement.Through Coinbase Financial Markets, or CFM, the largest cryptocurrency exchange in the U.S. aims to provide leveraged crypto futures contracts trading to customers.This has become the main reason for the rise of BTC yesterday, and it has allowed BTC to successfully break through $35,000. The next step is to see if this upward momentum can continue. It should be noted that many altcoins have experienced a crazy upward trend, which may not be a good signal.The support level is at $34,700 and the resistance level is at $35,900.

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