Microstrategy doubled down on its Bitcoin reserves on 16th September, having bought over 38,000 BTC at an average price of $11,111 worth $425 million. The company’s stock MSTR jumped 9% on the news. This Bitcoin purchase was done amid Bitcoin’s ascension off its September lows and might have fueled Bitcoin’s further recovery. Microstrategy’s CEO Michael Saylor detailed that the purchase was not a speculation nor hedge but a deliberate corporate strategy to adopt a Bitcoin standard. The news positively reflected on Bitcoin on the day of purchase, the BTC/USD pair adding 1.20% to close the day at $10,957. 

Following UniSwap’s UNI token launch on 17th September, Ethereum set another daily transactions record of 1,406,000 on the day. The next day transaction fees on Ethereum’s network reached $1 million an hour, which was unprecedented as well. This definitely makes Ethereum’s technology vital for the whole DeFi industry as well as its Ethereum 2.0 implementation that should double Ethereum’s throughput rate to 30 transactions per second from the current 15.

The unprecedented congestion on Ethereum’s network positively reflected on the price of ETH/USD, taking it 24.88 or 6.82 up on the trading day of 17th September by the CEX.IO quote. The implementation of Ethereum 2.0 scheduled for this autumn is likely to increase Ethereum’s share on the cryptocurrency market.