Bitcoin (BTC) has surged to a new high for 2023, reaching a price of over $30,000, a level not seen since June 10, 2022, according to CoinGecko data. In the last 30 days, BTC has gained almost 46%, marking its highest level in ten months as of April 11. Analysts speculate that the upcoming United States Consumer Price Index (CPI) report on April 12, which will provide insights into the Federal Reserve’s efforts to combat inflation, may have influenced this price surge. The cryptocurrency market continues to show volatility, with BTC surpassing $30,000 and setting new price highs.
The Crypto Fear and Greed Index has remained in the “Greed” territory with a score of 68 out of 100 as of April 11, and also reached the same score on March 21. This marks the highest level since November 16, 2021, shortly after Bitcoin’s all-time high of over $69,000 on November 10, 2021. The index aims to provide a numerical representation of the current emotions and sentiments towards Bitcoin and the cryptocurrency market, with higher scores indicating higher levels of greed among investors. The sustained high score may reflect positive market sentiment and investor optimism in the recent price surge of Bitcoin.
Michael Saylor, the founder and executive chairman of MicroStrategy, a business intelligence firm, has been a vocal proponent of Bitcoin (BTC) and has been advocating for corporations to adopt cryptocurrency as a strategic asset. MicroStrategy has been actively adding BTC to its balance sheet, currently owning 140,000 BTC as of April 5, with a total purchase price of $4.17 billion. With an average purchase price of approximately $29,803 per coin, the recent price jump in BTC means that MicroStrategy has made gains on its investment. Despite the ongoing crypto bear market, MicroStrategy has been steadily increasing its BTC holdings since its initial purchase in August 2020, demonstrating a long-term commitment to Bitcoin as an investment asset.