MicroStrategy (NASDAQ:MSTR)
As demand for bitcoin (BTC-USD) and other significant digital tokens increases, many stocks with ties to the cryptocurrency industry, including MicroStrategy (NASDAQ:MSTR), Riot Blockchain (NASDAQ:RIOT), and HIVE Blockchain Technologies (NASDAQ:HIVE), have slightly recovered in Tuesday morning trading.
Bitcoin’s (BTC-USD) price surged by 2% to $21.62K as of just before 10:30 a.m. ET, up from an intraday low of $20.9K, indicating a brief uptick in risk-taking attitude. The second-largest cryptocurrency by market size, Ethereum (ETH-USD), rose 5.1% to $1.64K.
Although not to the same extent as cryptocurrencies, all three of the major stock indices rose in the meantime, with the tech-heavy Nasdaq (COMP.IND) +0.7%, S&P 500 (SP500) +0.4%, and Dow Jones (DJI) +0.1%. The session was rather quiet as traders got ready for the eagerly anticipated Fed meeting in Jackson Hole, which starts on Thursday. In view of the persistently elevated inflation, the markets are mostly anticipating a hawkish tone from that gathering. However, if Fed head Jerome Powell, who will speak on Friday, conveys even a little dovish message, risk assets may rise.
Marathon Digital (NASDAQ:MARA) +7%, HIVE Blockchain (CVE:HIVE) +8.3%, Core Scientific (NASDAQ:CORZ) +6.8%, Bakkt Holdings (NYSE:BKKT) +4.7%, MicroStrategy (NASDAQ:MSTR) +4.3%, Riot Blockchain (NASDAQ:RIOT) +4.7%, and Hut 8 Mining (TSE:HUT) +6.3% are among the cryptocurrency-focused stocks making the highest gains. As rising Treasury yields feed lower risk asset prices, bitcoin and ether prices have fallen earlier this week (August 22).
Faster in-context insights and analysis are offered by MicroStrategy, an Embedded Analytics platform, in any application and on any device. HIVE Blockchain Technologies is the pioneer publicly traded cryptocurrency miner, listed on the Toronto Venture Exchange in 2017 under ticker symbol HIVE. Bitcoin mining company Riot Blockchain, Inc. supports the Bitcoin blockchain through large-scale mining in the United States.
Featured Image: Megaoixl @Kviztln
Author Jowi Kwasu 
