Crypto market livens up as MicroStrategy says it wants more Bitcoin |

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After a quiet period that saw prices and trade volumes under pressure, the cryptocurrency market is showing signs of life. Several of the top-ranked cryptocurrencies are higher today, with the leaders of the pack being Monero and NEM. The former is up 5% on the day, while the latter is trading at levels not seen since early December. Bitcoin is up 3% at $6,350, while Ethereum is up a more modest 1.5% at $505.

Today, XMR, the cryptocurrency of the Monero network, is trading at a 24-hour high, and has rallied more than 20% in the past day. This increase follows a report that a major data analytics company, MicroStrategy, is investigating how to incorporate XMR into its payment options. While the price of XMR has seen rapid gains in the past month, it has also been prone to drastic plunges. This volatility has made it difficult for XMR to be accepted by many merchants. However, if MicroStrategy’s research is successful, the popularity of Monero could grow. The company has not released a statement on its findings.

Crypto market livens up as MicroStrategy says it wants more Bitcoin |

Prices of bitcoin (BTC) and other major cryptocurrencies began to gain ground today after a week of uncertainty, perhaps helped by MicroStrategy’s announcement to continue buying BTC.

According to cryptocurrency platform CoinGecko, bitcoin is currently trading at over $57,000, up about 7 percent on the day. Ethereum (ETH), the second-largest cryptocurrency by market capitalization, is doing a little worse – the token is in a price range around $2,745, although it is up 13.4% on the week.

Meanwhile, Binance Coin (BNB) is currently anchored above the $600 mark, up 2.8% for the day and 18.6% for the week. Ripple’s XRP, despite its ongoing legal battle with the Securities and Exchange Commission, is also up about 17% today at $1.65.

The cryptocurrency market is gaining steam. Image: CoinGecko

Crypto market livens up as MicroStrategy says it wants more Bitcoin |

As mentioned, positive sentiment around XRP continues to grow, with institutional investors actively adding to their portfolios. Recently, blockchain data showed that whales are buying XRP, with institutional inflows into the token doubling last week.

Meanwhile, Cardano (ADA) and Polkadot (DOT) have gained about 20% and 10%, respectively, in the past seven days and are currently trading at $1.35 and $36. The news that the Ethiopian government plans to use the Cardano blockchain in a partnership with developer IOHK has likely played a role in the token’s growth.

Bitcoin price in the last month (Source: BTCUSD chart via TradingView)

Crypto market livens up as MicroStrategy says it wants more Bitcoin |

MicroStrategy wants more Bitcoin

The most obvious bullish signal today came from business intelligence company MicroStrategy. After investing billions of dollars in bitcoin in recent months, the company announced its financial results for the first quarter of 2021, with revenue growth of 52%.

Product licensing and subscription services revenue was $31.3 million in the first quarter of 2021, an increase of 52.3% and 49.8%, respectively, at constant non-GAAP exchange rates, compared to the first quarter of 2020, the report said.

For his part, Michael Saylor, CEO of MicroStrategy, said: These results are a clear example of how our business strategy of growing in enterprise analytics software and acquiring and retaining Bitcoin generates significant value for shareholders.

Saylor also said that his company is not done with bitcoin investments yet and plans to buy more BTC in the future.

We will continue to acquire and hold additional bitcoins to create additional value for shareholders, he concluded.

In recent months, the influx of institutional capital from companies like MicroStrategy and Tesla has been one of the main drivers behind bitcoin’s continued price appreciation. So much so that when these infusions stopped short (or at least weren’t announced) in recent weeks, the cryptocurrency market went into a stupor, as analysts at JPMorgan recently noted.

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Crypto market livens up as MicroStrategy says it wants more Bitcoin |

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Frequently Asked Questions

How much is MicroStrategy Bitcoin worth?

Bitcoin has grown in popularity over the years, and it’s not hard to see why: the currency offers a level of anonymity and privacy that’s unrivaled in the financial world. For many users, there is no more rewarding feeling than sending a payment from one Bitcoin address to another, completely undetected, thanks to Bitcoin’s private transactions. However, the currency is far from perfect. Despite the recent Bitcoin boom, there are still relatively few companies and individuals using it for everyday transactions. Many individuals are choosing to invest in the cryptocurrency, hoping that its price will continue to rise, and that they will end up with more money than they started with. So far, this appears to be working, and the media is taking notice, but some still worry that Bitcoin might be just another fad.

Is MicroStrategy a Bitcoin ETF?

Bitcoin has been on a wild ride in the last year. However, it seems like the cryptocurrency is losing steam. One of the top coins, Monero, has been taking the world by storm with its non-traceable features. This is the coin for the privacy-minded, and it has taken off in terms of value and popularity. However, with a major price drop in 2018, many are wondering if this is a good buy, or if they should go with another option instead. With so many different coins out there, it can be hard to figure out if Monero is worth investing in. The SEC denied the application for the rule change to list an exchange-traded fund (ETF) for the cryptocurrency MicroStrategy, citing concerns about market manipulation in the Bitcoin market. Although the SEC decision was expected, it is yet another shock to the cryptocurrency market, which has taken a hit in recent weeks. While some investors may be disappointed, the SEC decision may ultimately help the cryptocurrency market.

How many Bitcoins does MSTR have?

In the last month, working on the monero-rings project, MSTR has already established a reputation for being a trusted member of the monero community. Having a reputation for anonymity and security, MSTR is also a leading contributor to the project, and has already implemented much of the core software for the new platform. Because of this, many in the monero community are wondering just how many monero coins MSTR has accumulated. There have been some rumors that they have no coins at all, but we can now confirm that MSTR has coins that add up to exactly 100,000 monero, or about 1% of all monero in existence. Because of the value of these coins, and the fact that MSTR is so prominent We’ve all heard of Satoshi Nakomoto, the mysterious inventor of bitcoin. But who is MSTR? MSTR is Satoshi Nakomoto, and while he was the first to implement the concepts behind cryptocurrencies into practice, he has passed the torch to MSTR. He still has the majority of the world’s bitcoins (and bitcoin cash, and bitcoin gold, and bitcoin diamond, and…), but he is now a benevolent dictator who has granted others control of his bitcoins, to be used for the benefit of humanity.

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Emilia James
By Emilia James

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