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.
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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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