Bitcoin pushes back toward $80K as Michael Saylor’s Strategy fuels much of the rally

Bitcoin crossed above $79,000 over the weekend and is now trading around $77,000, its highest level since an early February selloff and up roughly 15% over the past month. Michael Saylor's firm Strategy acquired over 100,000 Bitcoin in March and April worth more than $7.7B at current prices and surpassed BlackRock's Bitcoin ETF in total holdings, though its purchases slowed last week to 3,273 Bitcoin amid weaker sales of its 11.5%-dividend STRC perpetual preferred shares. Ashley Ebersole, cofounder and chief legal officer of tokenized asset firm tx, told Fortune that elevated oil prices have lowered risk appetites and that “a lot of capital is on the sidelines” until investors feel more comfortable with macro events.