MicroStrategy (MSTR) Surges 10% Before Paring Gains
12/06/2024 00:30
The MSTR stock has erased its early gains
The MSTR stock has erased its early gains
The stock of MicroStrategy (MSTR) is having a rather volatile trading session.
The company's shares opened roughly 10% higher due to Bitcoin's recent rally. However, they are now down by roughly 2.5%.
MSTR then ended up slipping to as low as $392 after hitting an intraday high of $444.
As reported by U.Today, the number one corporate Bitcoin holder recently acquired another $1.5 billion worth of BTC. The total value of its Bitcoin holdings currently stands at more than $40 billion.
Earlier today, Bitcoin hit a new all-time peak of $103,679, but it has since given up some of its gains, currently trading at $100,840.
The majority of crypto-related stocks are currently in the red now that Bitcoin has failed to maintain its bullish momentum after the US stock market opened.
The shares of Coinbase (COIN) are down by 0.44%. Marathon Digital (MARA) is also down by 0.5%.
The tech-heavy Nasdaq 100, which tends to have a high level of correlation with Bitcoin, is up by 0.072% at press time.
Analyst Jeff Walton has noted that MicroStrategy managed to record $10 billion worth of trading volume during its first two hours of trading.
"This is an insane statistic for a company that isn’t currently included in 4 of the top 5 ETFs on the planet Trading with the big boys," he said.
About the author
Alex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at [email protected].
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