KULR Technology Group Inc. has purchased 217 BTC worth $21 million. The purchase is in line with the firm’s Bitcoin Treasury launch earlier this month. Meanwhile, market observers remain bullish on the BTC price despite recent volatility, primarily in light of the large purchases.
KULR bought $21 million worth of Bitcoin!
KULR Technology Group, Inc. announced in an official press release dated 26 December that it has completed the purchase of 217.18 BTC for approximately $21 million. According to the company’s announcement, the average Bitcoin price for the purchase was 96,556.53. It is noteworthy that this large purchase is in line with the Bitcoin Treasury strategy announced by the energy management company on 4 December, earlier this month. For context, the firm’s new treasury plan boasts of allocating up to 90 per cent of its cash surplus to buy BTC.
Furthermore, KULR chose the Coinbase Prime platform to utilise custody, USDC and self-custody wallet services for its BTC. In total, the major acquisition has set off waves of controversy across the wider industry as the crypto market is currently facing turbulence, with the acquisition paving the bullish path for crypto’s future moves.
How is BTC performing?
At the time of writing, the Bitcoin price was down about 2% on the day. The leading cryptocurrency is currently trading at $96,349. The 24-hour low and high were recorded at $95,137.89 and $99,884.57, respectively. Notably, BTC’s turbulent movement is in line with the recent market volatility. However, based on a technical perspective, analysts suggest that BTC will reach $120k by the end of 2024. Moreover, the bullish forecast is in line with KULR’s massive buying. Moreover, market observers are more optimistic on long-term prospects amid increased purchases and growing institutional interest. In this context, they expect more gains for Bitcoin in the long run.
Meanwhile, legendary analyst Peter Brandt maintained his bullish outlook for Bitcoin despite the recent market turbulence. The analyst emphasised that the cryptocurrency is likely to reach $108,358 in the coming days. In this context, he reinforced investor optimism regarding the future movements of the Bitcoin price. Market observers continue to monitor Bitcoin extensively for further price movement changes as new developments emerge. Don’t forget to follow Kriptokoin.com for developments.
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