The new leader of the Conservative Party of Canada has been a supporter of crypto tokens, smart contracts, and decentralized finance in the past.
MicroStrategy must buy the dip because its reserve of roughly 129,699 BTC is currently experiencing an aggregate value loss of more than $1 billion.
The chairman said that the company is coming up with ways for big businesses to join the Lightning network.
As for bitcoin, it had been flatlining in the mid-$16,000 area since early December, but has managed to claw its way to $17,300 at press time, up about 5% for 2023.
The price of Bitcoin has traded flat over the past 24 hours at $17,250. The largest crypto traded as high as near $17,400 on Monday after surging above the $16,500 to $17,000 trading range that has dominated for much of the past month.
The chart, sourced from Paris-based Kaiko Research, shows bitcoin's 2% market depth across major exchanges, including Bitfinex, crashed from around 11,000 BTC to about 6,000 BTC after Sam Bankman Fried's FTX exchange, formerly the world's third-largest, and its sister concern Alameda Research went bust in early November.
That is, as arguably the ultimate risk asset, Bitcoin has historically tracked U.S. money supply growth. When U.S. money supply growth is rising, there’s more money in the economy to be invested in cryptos, and crypto prices soar. The converse is true, too. See the chart below. M2 supply growth leads Bitcoin almost perfectly.
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