Strong – Coin Network News

Analysts See Gold Reaching $2,600 per Ounce Amid Strong Market Demand

juan — Tue, 19 Mar 2024 15:10:29 +0000

While bitcoin experienced a 12% decrease following its all-time high last week, gold has shown relative stability over the past five days, with only a slight 1% decline in the same period. In a similar vein to crypto enthusiasts, advocates for gold predict that the metal will continue its upward trajectory, potentially reaching the $2,600 […]

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Bitcoin Technical Analysis: A Series of Successive Gains Signals Strong Market Confidence

juan — Wed, 28 Feb 2024 13:45:28 +0000

As bitcoin weaves its way through the market’s intricacies, its pricing path exhibits an unyieldingly positive trend, marked by a train of successive increases. Reaching $59,992, the leading digital currency experienced a significant intraday journey, fluctuating between $56,383 and $59,992, highlighting a period of volatility but with an extremely bullish undertone. Bitcoin The market cap […]

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Pantera Capital Predicts ‘Strong’ Crypto Bull Market Over Next 18-24 Months

juan — Sun, 25 Feb 2024 04:14:34 +0000

American hedge fund Pantera Capital has predicted “a strong bull market” for cryptocurrencies over the next 18-24 months. “With the halving expected to occur in late April 2024, we believe the convergence of these positive things will provide strong tailwinds for the next bull market,” said Pantera founder Dan Morehead. Pantera’s Bull Market Prediction Pantera […]

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Bitcoin Technical Analysis: BTC’s Bullish Momentum Signals Strong Market Confidence on Valentine’s Day

juan — Wed, 14 Feb 2024 14:14:28 +0000

Bitcoin’s price trajectory on Feb. 14, 2024, showcases a robust bullish trend, with the cryptocurrency reaching a 24-hour high of $51,814. Amidst a consolidating market, the digital asset has seen significant growth, marking a 3% increase today, and 21% over the past month. Bitcoin Bitcoin (BTC) has demonstrated remarkable resilience and growth, with its price […]

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Web3 Represents a Strong Alternative to Today’s Internet

juan — Wed, 10 May 2023 15:54:30 +0000

Web3 is a strong alternative to the current centralized internet, and there are associated crypto tokens worth examining.

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Galaxy Digital Posts $134M First-Quarter Profit on Strong Showing for Crypto Market

juan — Tue, 09 May 2023 12:23:34 +0000

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MicroStrategy’s Bitcoin conviction ‘strong’ as it posts Q1 profit

juan — Tue, 02 May 2023 01:40:46 +0000

Business intelligence platform MicroStrategy has reiterated its commitment to its Bitcoin (BTC) investment strategy after turning its first quarterly profit since 2020.

The Michael Saylor-founded firm went back into the green in the first quarter of 2023 with a profit of $94 million, which was largely attributed to a one-time income tax benefit of $453.2 million.

Phong Lee, the firm’s chief executive officer explained in the May 1 statement that MicroStrategy’s “conviction” in its Bitcoin (BTC) investment strategy is as “strong” as ever:

“The conviction in our bitcoin strategy remains strong as the digital asset environment continues to mature.”

In addition to the tax benefit, the firm cashed in $121.9 million in revenue, up 2.2% from the same time last year.

Please join the @MicroStrategy management team at 5pm ET as we discuss our Q1 2023 $MSTR financial results and answer questions about our business and outlook for #BusinessIntelligence and #Bitcoin.https://t.co/pHrjKvWsDU

— Michael Saylor (@saylor) May 1, 2023

Andrew Kang, the firm’s chief financial officer said the firm also managed to reduce its leverage by repaying its $161 million Bitcoin-backed loan from the now-collapsed Silverage Bank:

“In Q1, we strengthened our capital structure by reducing leverage by fully repaying our bitcoin-backed loan.”

As per previous SEC filings, the business intelligence firm bought 7,500 BTC in Q1 across two purchases on March 23 and April 5 for a total of $179 million.

MicroStrategy’s Bitcoin accumulation by quarter. Source: MicroStrategy

The firm now holds 140,000 BTC, which were collectively purchased at an average cost of about $29,803.

The firm’s turn to profit comes as BTC managed to rise 72% over the first quarter to about $28,300.

With the price of BTC at $28,100 currently, MicroStrategy is down around 5.7% on its Bitcoin investment.

The firm was however in the “green” for a period of time last month when BTC skyrocketed to its most recent high of $30,980 on April 15.

Since @MicroStrategy adopted a #Bitcoin Strategy: pic.twitter.com/rrYTbvOkUS

— Michael Saylor (@saylor) May 1, 2023

The software analytics firm began investing its cash reserves into BTC on March 5, 2021 when it bought 91,064 BTC — 65% of its total holdings today.

Saylor recently revealed that MicroStrategy integrated Bitcoin Lightning into his corporate email address.

The Bitcoin-savvy firm is also in the process of developing a Bitcoin layer-2 Lightning Network-based Software as a Service tool for corporations.

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