Americas' First Mover: Bitcoin Exceeds $38.8K for the First Time in Over a Year

Bitcoin reached $38,800 for the first time since May 2022 during European morning hours on Friday, following a strong multimonth surge fueled by rising institutional demand. 

The cryptocurrency is up approximately 2% on the day after falling slightly to around $38,600. Global stock markets gained ground as well,

with futures for the S&P 500 and Dow Jones gaining 0.17% and Europe's Stoxx 600 gaining 0.52%. 

The price increases occur as excitement over a planned spot bitcoin exchange-traded fund (ETF) in the United States grows,

and on-chain activity shows that a considerable volume of the commodity has been moved to cold storage, indicating demand and a lack of imminent sell pressure.

Microstrategy (MSTR), the largest corporate bitcoin (BTC) holder, increased its holdings in November, purchasing 16,130 BTC worth around $608 million at Thursday's pricing. 

According to a regulatory filing, the bitcoin was purchased for approximately $593.3 million in cash at an average price of nearly $36,785 per unit by the Michael Saylor-founded software developer. 

It now has 174,530 BTC in its possession, purchased at an average price of almost $30,252 per coin. The purchases in November represent an increase in the firm's bitcoin acquisitions. 

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