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Bitcoin, Ethereum, Dogecoin Rise As Saylor’s MicroStrategy Bags $37M Worth BTC: On-Chain Analyst Says Strong ‘Holder Sentiment’ Prevails After $1.22B Worth of ETH Exit Crypto Exchanges

Veteran Trader Peter Brandt Asks Macro Guru If Bitcoin Bull Has Finally Awoken From Deep Slumber

Major cryptocurrencies surged on Tuesday evening following an announcement from MicroStrategy Inc (NASDAQ:MSTR), the largest publicly traded holder of Bitcoin.

Cryptocurrency Gains +/- Price (Recorded 9:30 p.m. EST)
Bitcoin (CRYPTO: BTC) +1.02% $43,050
Ethereum (CRYPTO: ETH) +3.14% $2,377
Dogecoin (CRYPTO: DOGE) +0.67% $0.078

What Happened:  The company revealed that it had acquired an additional 850 BTC in January, boosting its total holdings to 190,000 BTC, with an estimated worth of $8.1 billion. 

In the business software firm’s Q4 2023 Feb. 6earnings call the chief financial officer, Andrew Kang, revealed that the company procured 56,650 BTC throughout 2023 at an average price of $33,580.

According to MicroStrategy’s executive chairman, Michael Saylor, the company’s performance in 2023 can be attributed to investors recognizing the broader theme of a “digital transformation” of assets.

Saylor emphasized, “2024 is the year of the birth of Bitcoin as an institutional-grade asset class, in fact, it’s the first new asset class of the modern era.”

Top Gainer (24 Hour)

Cryptocurrency Gains +/- Price (Recorded 9:30 p.m. EDT)
Dymension (CRYPTO: DYM) +26.48% $5.05
Ethereum Name Service  (CRYPTO: ENS) +16.10% $23.13
Ronin (CRYPTO: RON) +9.53% $2.76

The global cryptocurrency market cap now stands at $1.66 trillion, showing a 1.24% increase in the past 24 hours.

Stocks made gains on Tuesday as Wall Street evaluated the latest corporate earnings and the Federal Reserve’s rate cuts timetable. The S&P 500 climbed 0.23% to close at 4,954.23, the Nasdaq Composite showed a slight increase of 0.07%, reaching 15,609.00, and the Dow Jones Industrial Average surged by 141.24 points, or 0.37%, to finish at 38,521.36.

In the cryptocurrency realm, Coinbase Inc (NASDAQ:COIN) stock experienced a growth of over 2%, while Microstrategy’s stock saw an increase of 1.8% in the last 24 hours. Additionally, Riot Platforms (NASDAQ:RIOT) and Marathon Digital (NASDAQ:MARA), the major players in bitcoin mining, rose by 4% and 3% respectively.

See More: Best Cryptocurrency Scanners

Analyst Notes: Cryptocurrency analyst, Michael Van de Poppe said Bitcoin remains in between levels. “This means that there’s still a period of consolidation, from which I think that Ethereum is going to start outperforming,…

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