Bitcoin spiked, MicroStrategy surged faster

Bitcoin (BTC) and the stock of business intelligence firm MicroStrategy (MSTR) have been moving in tandem for the past couple of years.

Bitcoin price today surged over 6% after Tesla disclosed that it sold 75% of its Bitcoin holdings in the fourth quarter of 2022. The cryptocurrency's price reached $25,133 (roughly Rs. 20.6 lakhs) at 10:00 hours IST on Monday, as per Gadgets 360 cryptocurrency price tracker. Bitcoin had opened the day at $23,686 (roughly Rs. 19.4 lakhs) and went on to hit a high and a low of $25,208 (roughly Rs. 20.7 lakhs) and $23,406 (roughly Rs. 19.2 lakhs), respectively.

The world's largest cryptocurrency by market capitalisation had fallen below the key support level of $23,000 (roughly Rs. 18.9 lakhs) last week. However, it managed to recover quickly and closed the week with a gain of 5%.

The recent surge in Bitcoin price could also be attributed to MicroStrategy's better-than-expected performance in the fourth quarter of 2022. The business intelligence company's stock price rose over 6% during regular trading hours on Friday, after it reported a smaller-than-expected loss for the December quarter.

MicroStrategy shares soared 136% year-to-date as of Friday's close. Notably, the company's performance in the fourth quarter was driven by a rise in software licence and subscription revenues.

Meanwhile, other cryptocurrencies also saw gains on Monday. Gadgets 360's cryptocurrency price tracker showed that Ethereum price today rose 3.38% to reach $1,763 (roughly Rs. 1.45 lakhs) at 10:00 hours IST. Among other major altcoins, XRP, Litecoin, and Binance Coin also saw gains.

The global cryptocurrency market capitalisation today stood at $1.18 trillion (roughly Rs. 97,96,834 crore), a 2.23% 24-hour increase.