Daily crypto: Red numbers but bitcoin might be on its way to $7.000 again

Bitcoin could soon be traded at $7.000 again.

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The crypto ban will remain, India supreme court rules, Binance stops all trading after “irregular transactions” and the market share for bitcoin grows when smaller cryptocurrencies die. This is the most important news from the latest 24 hours


Earlier this year, on the April 5th, the Reserve Bank of India announced a bank ban on companies that trade with cryptocurrencies, such as exchanges. The ban meant that no banks were allowed to make transactions to crypto businesses and that they had a 3-month period to comply by ending their relations with such businesses. The 3-month period was set to end this Friday, July 6th. The Indian crypto industry have of course appealed the ban, but yesterday the Indian supreme court ruled that the ban will in fact remain.

Binance stops all trading

After having noticed what they call “irregular trading”, the big cryptocurrency exchange Binance decided to halt all trading, all withdrawals, and some other account functions to perform a system maintenance.

It is still unclear what caused, but Binance announced their decision just after some kind of bot attack on the cryptocurrency syscoin. In a short period of time, the attack drow the price from just 0.00004 bitcoins per syscoin, up to as much as 96 bitcoins per syscoin. This was first reported by Coindesk.

Bitcoin market share on the rise

The last half year of decline in the crypto markets has been the death of over 800 smaller cryptocurrencies. At the same time, this has also lead to a rise in market share for the biggest cryptocurrencies bitcoin and ethereum. As of today, bitcoin has a market share of over 42 percent, which could be compared with a market share of just 35 percent back in May.

The tendency of the market has been that when bitcoin and ethereum gains or loses value, most of the smaller cryptocurrencies react stronger and gains or loses even more. This could mean that bitcoin and ethereum once again could lose market shares if the current bear market turns in to a bull market.

Analysis: bitcoin on its way to $7.000 again

According to a technical analysis, the price of bitcoin could be on its way to test the $7.000 level once again. Right now, bitcoin is currently traded at around $6.500, but according to Omkar Godbole at Coindesk, there are signs pointing to a bullish development in the next few days.

The conclusion is based on a clear change in the downward moving trend that we have been seeing since early May. However, it is still to be seen if this analysis proves to have drawn the right conclusions from the data.

On the price side of things, there are red numbers almost all over the board for the last 24 hours. On the top five, bitcoin cash (-6.65%) was the biggest loser, while bitcoin (-2,20%) lost the least. Ethereum (-3,43%), xrp (-5,02%) and eos (-4,47%) are also on the downside.

On the top 100, all but twelve cryptocurrencies lost value the last 24 hours. The biggest loser was wax (-18,00%), golem (-12,62%) and the scam flagged bytescoin (-12,28%). Syscoin (+38,76%), as we mentioned earlier in this article, gained the most but decentraland (+27,45%) was not that far behind.

Asset Price % (24h)
Bitcoin $6 497,74 −2,20%
Ethereum $462,81 −3,43%
Xrp $0,480916 −5,02%
Bitcoin cash $754,63 −6,65%
Eos $8,72 −4,47%

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MicroStrategy Posts Q1 Profit, Reaffirms Commitment to Bitcoin Investment Strategy

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MicroStrategy, a business intelligence platform, has reported a profit of $94 million in the first quarter of 2023, marking its first quarterly profit since 2020. The company's financial turnaround was largely due to a one-time income tax benefit of $453.2 million. Additionally, MicroStrategy's revenue increased by 2.2% to $121.9 million compared to the same period last year.

Bitcoin Conviction Remains Strong Amid Market Fluctuations

Phong Lee, MicroStrategy’s CEO, emphasized that the company’s “conviction” in its Bitcoin investment strategy remains “strong” as the digital asset environment continues to evolve. Lee also noted that short-term price fluctuations in BTC do not impact the firm’s core business. MicroStrategy’s chairman, Michael Saylor, echoed these sentiments, attributing the successful quarter to the company’s core business model and Bitcoin investment thesis, which he described as the “right strategy.”

Investors Expected to Shift from Crypto Assets to Bitcoin

Saylor predicted that investors will soon exit their positions in crypto assets that are under regulatory scrutiny, which will lead to an increase in funds flowing into Bitcoin. MicroStrategy’s CFO, Andrew Kang, announced that the company had reduced its leverage by repaying a $161 million Bitcoin-backed loan from the now-defunct Silverage Bank, releasing all pledged Bitcoin as collateral.

MicroStrategy’s Bitcoin Holdings and Stock Performance

In Q1, MicroStrategy purchased 7,500 BTC for a total of $179 million. The company now holds 140,000 BTC, collectively acquired at an average cost of about $29,803. With the current price of BTC at $28,100, MicroStrategy’s Bitcoin investment is down by 5.7%. However, the company experienced a brief period in the green when BTC reached its recent high of $30,980 on April 15. MicroStrategy’s stock price has more than doubled in 2023, in line with Bitcoin’s performance.

Embracing Bitcoin Technology and Innovations

The company began investing its cash reserves in BTC on March 5, 2021, when it acquired 91,064 BTC, accounting for 65% of its total holdings today. Saylor recently revealed that MicroStrategy integrated Bitcoin Lightning into his corporate email address. Furthermore, the company is developing a Bitcoin layer-2 Lightning Network-based Software as a Service tool for corporations, showcasing its commitment to both Bitcoin investment and technological innovation.

Bitcoin and Gold: An Unlikely Duo in Turbulent Times

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In times of economic uncertainty and market volatility, Bitcoin has gained recognition as a safe haven asset. Its ability to provide investors with a reliable and secure store of value makes it an attractive option for those looking to diversify their portfolios and safeguard their wealth from external threats.

Bitcoin Gains Traction in the Face of Banking Crisis

As the banking crisis continues to shake the financial world, investors are increasingly turning to Bitcoin as a safe haven. Many are even opting for the cryptocurrency over the traditional safe haven asset, gold, due to its higher returns and enhanced stability. Currently trading near the $30,000 psychological level at $28,936, Bitcoin has recorded an impressive 3% rally in the last 24 hours. This surge in demand is primarily attributed to its rising correlation with gold, which has surpassed the 50% level and now stands at 57%, according to data from market analytics firm Kaiko.

The Steady Rise of Crypto as a Safe Haven Asset

Long considered a risky investment due to its volatile price fluctuations and lack of regulatory oversight, Bitcoin has gradually emerged as a safe haven asset for investors seeking protection against traditional market risks. Operating independently from central banks, Bitcoin is less vulnerable to inflation and government interference compared to fiat currencies and other traditional assets.

Decentralization: A Key Advantage for Investors

Bitcoin’s decentralized nature offers investors greater control over their assets and reduces their exposure to systemic risks. The ability to store and transfer wealth across borders without intermediaries gives Bitcoin a level of financial freedom and security unmatched by traditional assets. Its finite supply and digital scarcity also make it a hedge against inflation, as its value is not subject to government policies or macroeconomic factors.


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