Announcements Gate Research: MicroStrategy Raises $42B to Increase Bitcoin Holdings; USDT Circulation Exceeds $120B

Gate Research: MicroStrategy Raises $42B to Increase Bitcoin Holdings; USDT Circulation Exceeds $120B

2024-11-01 13:02:00 UTC 16118 Read

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**Gate Research Daily Report (November 1 ): **Bitcoin’s price dropped 2.84% over the past 24 hours to $70,303, facing potential short-term resistance at $69,500 as bulls and bears contend for control. MicroStrategy announced a significant $42 billion Bitcoin investment plan to expand its reserves. Meanwhile, the U.S. Treasury suggested replacing stablecoins with a central bank digital currency (CBDC) to enhance stability. Canary Capital applied for a Solana spot ETF, joining traditional financial firms in expanding crypto offerings. Additionally, USDT circulation surpassed $120 billion, up 30% since the beginning of the year, reflecting strong demand.

**Market Analysis**: BTC price dropped 2.84% over the past 24 hours to $70,303. Short-term pressure at $69,500 may become a focal point in the bull-bear struggle.
**Top Performers**: The most popular tokens in the last 24 hours were VISTA, BZZ, and GRASS, with single-day gains of approximately 29.5%, 15.4%, and 14.1%, respectively.
**Data Highlights**: Bitcoin network transaction fees have surged, with high-priority fees reaching 889 satoshis per byte.
**Spotlight Analysis**: MicroStrategy has announced a $42 billion Bitcoin investment plan, further expanding its Bitcoin reserves.
**Market Opportunities**: Three projects publicly announced funding, with a combined total exceeding $28 million. These projects span the gaming, DePIN, and Layer 2 sectors.

Explore today's details 👉🏻  [Gate Research: MicroStrategy Raises $42B to Increase Bitcoin Holdings; USDT Circulation Exceeds $120B](https://www.gate.io/learn/articles/gate-research-micro-strategy-raises-42b-to-increase-bitcoin-holdings-usdt-circulation-exceeds-120b/4593?ch=GDR_ann_20241101&utm_campaign=TR_RJTMbbcI&utm_content=&utm_medium=CPM&utm_source=CH_79kTf7RP&utm_term= "Gate Research: MicroStrategy Raises $42B to Increase Bitcoin Holdings; USDT Circulation Exceeds $120B")

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Nov 1st, 2024

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Gate Research: MicroStrategy Raises $42B to Increase Bitcoin Holdings; USDT Circulation Exceeds $120B

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