## Bitcoin and Altcoins Rebound After Macro Uncertainty

**Bitcoin** and major **altcoins** are showing signs of recovery after a significant dip last week, driven by macro uncertainty. **Bitcoin** rose 1.22% to $114,738, while **Ether** gained 3.12%, **XRP** surged 6.32%, and **Solana** added 1.66%. This rebound comes after a notable drop from around $119,000 to a low of $111,800.

![Bitcoin City](https://stat.theblock.co/cdn-cgi/image/format=webp,q=50/wp/uploads/2023/10/20231019_NewBitcoinCity_News-1200x675.jpg)

### What Triggered the Dip?

The recent market dip was attributed to a **broader risk-off sentiment** following the disappointing July U.S. nonfarm payrolls report, which showed only 73,000 jobs added—far below expectations. This, coupled with declines in the U.S. stock market, led to profit-taking across the crypto market.

### Institutional Buying the Dip

Analysts note that **institutional investors** and long-term holders quickly moved to **buy the dip**, taking advantage of the lower prices. Jeff Mei, COO at BTSE, highlighted that the recent flurry of crypto treasury companies buying assets and TradFi institutions rolling out crypto services is a bullish sign for Bitcoin's future.

### Traders Remain Cautiously Optimistic

Despite the rebound, traders are **cautiously optimistic**. The **Fear and Greed Index** is tilting towards greed, indicating improving sentiment. Investors are now looking ahead to the upcoming July **CPI release** on Aug. 12, a key inflation indicator that could influence the next interest rate decision.

### Regulatory Clarity on the Horizon

Kronos Research CIO Vincent Liu pointed to the **SEC's 'Project Crypto'** as a potential positive catalyst. This initiative aims to modernize regulations by clarifying token classifications and introducing an innovation exemption for DeFi, which could boost market confidence in the coming months.

Bitcoin, ether and other altcoins rose Sunday as traders returned to the market following a dip driven by macro uncertainty.

Bitcoin and Altcoins Surge as Traders Buy the Dip: What's Next?

**MicroStrategy (MSTR:NASDAQ)** has once again made headlines with its aggressive Bitcoin acquisition strategy. The company announced the purchase of **21,021 bitcoins** between **July 28 and August 3**, spending a whopping **$2.46 billion**. This move underscores MicroStrategy's unwavering confidence in Bitcoin as a long-term store of value.

### Key Details of the Purchase
- **Average Purchase Price**: $117,256 per Bitcoin
- **Total Holdings**: As of August 3, MicroStrategy's Bitcoin treasury stands at **628,791 bitcoins**, acquired for an aggregate purchase price of **$46.08 billion**.
- **Average Cost Across Holdings**: $73,277 per Bitcoin

### Market Reaction
Following the announcement, **MSTR shares saw a +1.40% increase**, trading at $371.78 during morning sessions. Meanwhile, **Bitcoin (BTC-USD)** was trading at **$114,597.07**, reflecting the dynamic interplay between corporate Bitcoin investments and market prices.

### Funding the Purchase
MicroStrategy clarified that it did not sell any common or preferred stock to fund this purchase. Instead, the company completed a previously announced public offering of **28,011,111 shares of variable rate series A perpetual stretch preferred stock** at **$90.00 per share**, raising gross proceeds of approximately **$2.521 billion**.

![Digitized Bitcoin Symbol](https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1252711675/image_1252711675.jpg?io=getty-c-w750)

This strategic move by MicroStrategy not only reinforces its position as a leading corporate holder of Bitcoin but also signals strong institutional belief in the cryptocurrency's enduring value.

Strategy (MSTR) said on Monday that it purchased 21,021 bitcoins during the period July 28 to August 3 for an aggregate purchase price of $2.46B.

3 weeks ago Bitcoin Articles Digested