Bitcoin Rallies Above $88,000 Boosted by Microstrategy’s Latest $555 Million Purchase

Crypto markets kicked off the week in the green as investor sentiment was buoyed by Microstrategy’s latest Bitcoin purchase.

“MSTR has acquired 6,556 BTC for ~$555.8 million at ~$84,785 per bitcoin,” revealed founder Michael Saylor on X. The company now holds 538,200 BTC worth $47 billion at current prices.

Bitcoin spiked above $88,000 for the first time in three weeks before retracing, while Ether climbed 2% to $1610. XRP gained 1.5%, while SOL traded flat at $136 over the past 24 hours.

The overall crypto market capitalization is up 1% in the past 24 hours to $2.83 trillion, according to Coingecko.

Among the Top 100 digital assets, Vaulta (EOS), Polkadot (DOT), and Toncoin (TON) posted minor losses of around 3% amid a broad crypto rally.

Stacks (STX) is today’s best performer, surging 12%, followed by Kaspa (KAS) and Polygon (POL), which gained 7% and 5%, respectively.

Around 101,000 leveraged traders were liquidated for a total of $274 million in the past 24 hours, according to CoinGlass. Bitcoin accounted for $119 million, while ETH made up $50 million.

The Bitcoin Fear and Greed Index has been ticking up over the past few days, but continues to indicate ‘Fear’ among market participants.

Meanwhile, U.S. stock markets continued to sell off on Monday after China warned that it would retaliate against countries that make trade concessions to the U.S. “at the expense of China’s interests.”

The S&P 500 and tech-heavy Nasdaq plunged 3% as escalating trade tensions rattled investors. The U.S. Dollar Index hit a 2-year low, propelling gold to yet another all-time high above $3,400/oz.