• MicroStrategy purchased more than 2,000 BTC, bringing its total holdings to more than 132K.
• FTX revealed that it will introduce a new crypto-focused trading product, called Contagion, that will enable users to trade various crypto assets.
• Bitcoin’s price remained range-bound and did not move significantly during the week.
The past week saw multiple events in the cryptocurrency space, as MicroStrategy continued to purchase more Bitcoin and FTX unveiled its new crypto-focused trading product, Contagion.
MicroStrategy, the business intelligence firm headed by Michael Saylor, revealed another purchase of more than 2,000 bitcoins, bringing its total holdings to more than 132K. It is worth noting that the company also sold 700 BTC for the first time ever, likely for tax purposes. Furthermore, the company revealed that it plans to introduce a new software product, dubbed MicroStrategy Bitcoin Treasury, that will enable companies to store and manage their BTC.
FTX also made waves this week, as the cryptocurrency exchange announced that it will introduce a new crypto-focused trading product, called Contagion. The product will enable users to trade various crypto assets and will be available as a standalone product, as well as integrated into FTX’s existing platform.
As for the price of Bitcoin, it remained range-bound and did not move significantly during the week. The cryptocurrency is currently trading at around $25,000 and seems to be in a bearish pattern, with few bullish signs. This could be partially due to the uncertainty surrounding the US dollar, which has been weakened by the ongoing economic crisis.
Overall, the past week saw some interesting developments in the cryptocurrency space, as MicroStrategy continued to buy more Bitcoin and FTX launched its new trading product. However, the price of Bitcoin remained range-bound, suggesting that the market is still waiting for a catalyst to break out of its current pattern.