Crypto market livens up as MicroStrategy says it wants more Bitcoin

Crypto market livens up as MicroStrategy says it wants more Bitcoin
фото показано с : cryptoslate.com

2021-5-1 20:02

Prices of Bitcoin (BTC) and other major cryptocurrencies swiftly began to pick up steam today after a week of uncertainty, potentially boosted by MicroStrategy announcing its plans to continue buying BTC.

According to crypto metrics platform CoinGecko, Bitcoin is currently trading at over $57,000, up roughly 7% on the day. Ethereum (ETH), the second-largest crypto by its market capitalization, fares slightly worse—the token hovers in a price corridor around $2,745, although still up 13.4% over the week.

Meanwhile, Binance Coin (BNB) has entrenched above $600 for the time being, up 2.8% on the day and 18.6% on the week. Ripple’s XRP, despite the ongoing legal battle with the Securities and Exchange Commission, similarly surged in price by roughly 17% today and reached up to $1.65.

The crypto market is picking up steam. Image: CoinGecko

As CryptoSlate reported, positive sentiments continue to grow around XRP as institutional investors are actively adding it to their portfolios. Recently, on-chain data indicated that “whales” are buying XRP while the inflows of institutional capital in the token doubled last week.

At the same time, Cardano (ADA) and Polkadot (DOT) gained roughly 20% and 10% over the past seven days and are currently trading at $1.35 and $36, respectively. News about the Ethiopian government planning to use Cardano’s blockchain as part of a partnership with its developer IOHK likely played some role in the token’s growth.

Bitcoin price over past month (Source: BTCUSD Chart via TradingView) MicroStrategy still wants more Bitcoin

Perhaps the most obvious bullish signal came from business intelligence firm MicroStrategy today. After investing several billions of dollars in Bitcoin over the past few months, the company has announced its financial results for the first quarter of 2021 and reported a 52% revenue surge.

“Product licenses and subscription services revenues for the first quarter of 2021 were $31.3 million, a 52.3% increase, or a 49.8% increase on a non-GAAP constant currency basis, compared to the first quarter of 2020,” the report revealed.

In his turn, MicroStrategy’s CEO Michael Saylor said these results “were a clear example that our two-pronged corporate strategy to grow our enterprise analytics software business and acquire and hold Bitcoin is generating substantial shareholder value.”

Saylor also pointed out that his company is not done with Bitcoin investments and plans to buy even more BTC in the future.

“We will continue to acquire and hold additional bitcoin as we seek to create additional value for shareholders,” he concluded.

Over the past few months, inflows of institutional capital from companies such as MicroStrategy and Tesla have become one of the main driving forces behind Bitcoin’s ongoing price rally. So much so that when such infusions briefly slowed down over the past couple of weeks (or at least hadn’t been announced), the crypto market lapsed into a stupor, as analysts at JPMorgan recently pointed out.

But it looks like Michael Saylor is always to the rescue.

The post Crypto market livens up as MicroStrategy says it wants more Bitcoin appeared first on CryptoSlate.

origin »

Bitcoin (BTC) на Currencies.ru

$ 96351.18 (+0.38%)
Объем 24H $34.82b
Изменеия 24h: 1.72 %, 7d: -0.54 %
Cегодня L: $94117.42 - H: $96515.62
Капитализация $1910.495b Rank 1
Цена в час новости $ 58305.56 (65.25%)

bitcoin btc microstrategy steam pick uncertainty week

bitcoin btc → Результатов: 126


Bitcoin Market Dominance Faces a Challenge as This AI Altcoin is Set for 22,000% Gains

Many were left stunned after seeing Bitcoin (BTC) achieve milestone upon milestone but witnessing altcoins like Ethereum (ETH), Ripple (XRP), and Cardano (ADA) fail to pump by a meaningful amount. Now, after three straight months of Bitcoin (BTC) dominance, it seems the altcoin market is ready to push back with a major inflow of investments [...]

2025-2-12 02:00


MicroStrategy Strikes Again: $100 Million Bitcoin Purchase Signals Strong Market Confidence

MicroStrategy, the major enterprise software company that has evolved into a Bitcoin (BTC) investment platform, has captured attention once again with its latest purchase of $101 million in BTC. The company, led by chairman and co-founder Michael Saylor, has committed to utilizing perpetual preferred stock, common shares, and debt to fuel its ongoing Bitcoin purchasing strategy.

2025-1-7 06:00


Фото:

El Salvador now holds 6,000 BTC: can Bitcoin success story sustain?

El Salvador, the pioneering nation that made Bitcoin legal tender in 2021, has surpassed 6,000 BTC in its treasury, valued at $561.3 million as of the latest update. This milestone represents not only a strategic accumulation effort but also a bold economic experiment under President Nayib Bukele’s leadership. With a 105% unrealised return on its […]

2024-12-30 09:51


Фото:

El Salvador rings in Christmas 2024 with a Bitcoin twist

El Salvador continues to showcase its unwavering commitment to Bitcoin, doubling down on its cryptocurrency strategy despite stringent restrictions imposed by the International Monetary Fund (IMF). On 19 December 2024, the country purchased an additional 11 Bitcoin (BTC), valued at over $1 million, pushing its total reserves to nearly 6,000 BTC. This comes on the […]

2024-12-24 17:26


Фото:

Bitcoin Rally Set To Extend? Expert Foresees A $110,000 Price Target For BTC

The general cryptocurrency community is brewing with excitement and optimism following Bitcoin’s rally to a new all-time high on Monday. Despite the significant price growth, there are speculations that the uptrend may not be ending anytime soon, suggesting BTC’s potential for more increases to higher levels or milestones. Next Big Milestone For Bitcoin On The […]

2024-12-17 17:30