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The business intelligence software company, MicroStrategy (MSTR), experienced a 49.58% surge in the past week, reaching $770, propelling the crypto-mining sector’s upswing due to its robust ties to Bitcoin.
On February 7 Chairman Michael Saylor published an announcement of another 850 BTC being bought for $37.2 million in January, which was also the time when the stock price of MSTR began to go up, lasting until February 12.
MicroStrategy initiated its Bitcoin investment in 2020, acquiring 190,000 BTC at an average cost of $31,224 per Bitcoin, now valued at over $8 billion, constituting nearly 1% of the circulating supply.
On February 12, MSTR’s stock price closed at $712, and Bitcoin’s price was at $50,363, which demonstrates how closely these two assets are related. Along with Ethereum, which is also bullish, and is very close to its two-year high at around $2680.
Investors all over the world are watching the market indices and waiting for the Federal Reserve to announce possible cutting interest rates starting with May which is considered a probable beginning.
MicroStrategy’s ability to perform well despite the broad market trends indicates the increasing role of cryptocurrency in the financial sphere.
Also Read: MicroStrategy Amplifies Bitcoin Commitment, Says Michael Saylor
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