Bitcoin Price: Strategy Buys More, Record Weekly Close, Telegram Resists Censorship
Need to know what happened in crypto today? Get the latest insights on daily trends and events impacting the crypto market, including Bitcoin price movements, corporate strategies, and regulatory discussions. Here’s a quick look at key developments.
Strategy Adds to Bitcoin Holdings Amid Lawsuit
Strategy, formerly known as MicroStrategy, the company with significant Bitcoin holdings, made headlines last week with another substantial purchase. The firm acquired 7,390 Bitcoin for approximately $764.9 million, at an average price just under $103,500 per coin. This move continues Strategy’s long-term accumulation approach under the guidance of Michael Saylor.
Interestingly, this purchase occurred while Strategy also faced a class-action lawsuit. A filing with the US Securities and Exchange Commission (SEC) on May 19 confirmed the lawsuit, which alleges that company officials did not accurately represent the nature of Bitcoin investments.
As of May 18, Strategy’s total Bitcoin holdings reached 576,230 BTC, acquired for about $40.2 billion at an average price of $69,726. At current market prices, these holdings are valued over $59.2 billion, showing a significant unrealized gain of $19.2 billion.
Bitcoin Price Reaches Record Weekly Close
Bitcoin (BTC) demonstrated strong performance, achieving its highest-ever weekly close just below $106,500 on Sunday, May 18. This surpassed the previous record weekly close set in December at $104,400. The cryptocurrency is now trading closer to its all-time high of $109,358 recorded on January 20.
In addition to the weekly milestone, Bitcoin also posted its highest close in a 24-hour period on May 18. Market observers noted this positive price action, with some analysts expressing optimism for Bitcoin to potentially reach a new higher high soon.
Telegram Co-founder Resists Censorship Pressure
Pavel Durov, the co-founder of Telegram, spoke out against pressure from French intelligence officials. Durov stated that he rejected requests to censor specific content on the Telegram messaging platform ahead of upcoming elections in Romania. He confirmed the request came from the head of French intelligence during a meeting.
Durov emphasized Telegram’s commitment to free speech, referencing their refusal to block content or users during protests in other regions. This stance reinforces Telegram’s position as a platform prioritizing user autonomy and privacy, despite facing ongoing challenges from state actors regarding content moderation and regulation.
Summary of Today’s Crypto News
Today’s crypto headlines highlight significant movements in the market and the broader digital asset space. Strategy continued its aggressive Bitcoin accumulation strategy, adding thousands of coins while navigating a legal challenge. Meanwhile, the Bitcoin price showed strength, closing the week at a new record high and nearing its peak value. Separately, Telegram’s Pavel Durov publicly addressed government pressure, reiterating his platform’s commitment to free expression. These events underscore the dynamic nature of the crypto world, involving corporate investment, market performance, and the ongoing debate around digital freedom and regulation.
