Bitcoin Rises. MicroStrategy Just Plowed Another $2.1 Billion Into the Crypto. -- Barrons.com

Dow Jones12-10

By George Glover

Bitcoin was rising on Tuesday, but it looks unlikely that the cryptocurrency's recent red-hot rally will reignite anytime soon.

The world's largest token crept up 1.2% to $97,329 in early trading. It topped $100,000 for the first time last week but has see-sawed around that level since then.

Bitcoin rose after Donald Trump won the U.S. election and passed six figures last Wednesday after the president-elect tapped the crypto-friendly Paul Atkins to head up the Securities and Exchange Commission.

Traders are now waiting for further catalysts to emerge. Although Trump's administration is widely expected to slash crypto regulation, it won't be able to do that until he is inaugurated on Jan. 20.

Another factor that's pushed up Bitcoin's price is a buying spree by MicroStrategy, the business software company that has become the token's largest corporate holder. On Monday, it said it had bought another $2.1 billion of the cryptocurrency over the past week, bringing its total holdings to 423,650 coins -- more than 2% of the total amount of Bitcoin outstanding.

MicroStrategy stock rose 2.5% in Tuesday's premarket. Shares in the crypto exchange Coinbase Global climbed 2.3%, and online-trading platform Robinhood Markets was up 0.8%.

Write to George Glover at george.glover@dowjones.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

December 10, 2024 05:19 ET (10:19 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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It topped $100,000 for the first time last week but has see-sawed around that level since then. \n\n\n     Bitcoin rose after Donald Trump won the U.S. election and passed six figures last Wednesday after the president-elect tapped the crypto-friendly Paul Atkins to head up the Securities and Exchange Commission. \n\n\n     Traders are now waiting for further catalysts to emerge. Although Trump's administration is widely expected to slash crypto regulation, it won't be able to do that until he is inaugurated on Jan. 20. \n\n\n     Another factor that's pushed up Bitcoin's price is a buying spree by MicroStrategy, the business software company that has become the token's largest corporate holder. On Monday, it said it had bought another $2.1 billion of the cryptocurrency over the past week, bringing its total holdings to 423,650 coins -- more than 2% of the total amount of Bitcoin outstanding. \n\n\n     MicroStrategy stock rose 2.5% in Tuesday's premarket. Shares in the crypto exchange Coinbase Global climbed 2.3%, and online-trading platform Robinhood Markets was up 0.8%. \n\n\n     Write to George Glover at george.glover@dowjones.com \n\n\n     This content was created by Barron's, which is operated by Dow Jones & Co. 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