In This Article:
Bitcoin, the world’s largest cryptocurrency has been trading between $85,000 and $88,000 despite bullish moves from some of its biggest supporters.
On March 24, MicroStrategy executive chairman Michael Saylor bought the dip — again.
In a regulatory filing, the firm (now renamed Strategy) disclosed it purchased 6,911 BTC between March 17 and March 23 for $584.1 million in cash. That brings Strategy’s total holdings to 506,137 BTC, now worth $42.8 billion at current prices.
Prices jumped 4% on the day of the news, but since then, things have gone quiet.
Saylor’s move did briefly pump sentiment. The Crypto Fear and Greed Index swung from “Extreme Fear” to “Greed” — before slipping back again. But despite the bullish vibes and a flurry of positive headlines, Bitcoin just isn’t breaking out. It’s left many wondering why.
After all, GameStop just opened the door to adding Bitcoin to its corporate treasury, following in the footsteps of Strategy. There are new crypto ETF filings almost every week. Governments are talking about Bitcoin reserves. Even President Donald Trump delivered a 90-second video speech at the Digital Asset Summit in New York on March 20, doubling down on his support for crypto — though he didn’t announce any new policies.
The Ripple vs SEC saga also came to an end this week, with Ripple agreeing to pay a portion of the fine and drop its appeal. And yes — in true meme fashion — Trump even promoted his own memecoin, TRUMP, over the weekend.
Blame the macro
Stock markets are shaky, inflation concerns linger, and tariffs announced by Trump’s administration are rattling global markets.
The Kobeissi Letter flagged a rare signal, “The S&P 500 and the US Dollar index have declined -6.5% and -3.5%, respectively since January 31st. The last time this happened was in 2008.”
QCP Digital added in a note, “In digital assets, we see scope for BTC to outperform tactically in the near term. In a surprising twist, GameStop (GME) has added BTC to their treasury... the symbolic weight of GME’s meme status could rekindle speculative fervour.”
And yes, the memes are back
McDonald’s hats, clown noses, and “Back to Work” edits are flooding X again — with Bitcoiners jokingly applying for fast food jobs as prices stall.
Here are a few of the best: