Chris regained his holdings during another strong period for Bitcoin. BTC recently traded near $79,120 after gaining about 24% during August and reaching $81,455 on Aug. 28.
That Aug. 28 level marked Bitcoin’s highest price since May 15. On Tuesday, Bitcoin rose 1.2% to $79,015.3 by 02:13 ET after adding nearly 25% during August. Strategy also resumed Bitcoin purchases after a . The company disclosed that it bought 4,603 BTC for about $368.7 million last week, its first purchase since late June.
Strategy funded the purchase through $602.8 million in common stock sales. It directed the remaining proceeds toward buying back STRC preferred shares, bringing its Bitcoin holdings to 845,050 BTC. Still, crypto gains faced pressure from higher-rate concerns and renewed US-Iran tensions. Federal Reserve Chair Kevin Warsh reiterated the Fed’s 2% inflation target, while markets increased expectations for a September rate hike.
At the same time, renewed US-Iran military strikes pushed oil prices higher. Shipping traffic through the Strait of Hormuz remained far below pre-war levels, adding to inflation and interest-rate concerns.