Crypto Market Breaking Higher Ahead of CPI, MSTR Purchases $800M in BTC
Bitcoin broke out above $70k during the overnight hours, now floating above $72k, marking another new ATH. This price action was closely mirrored by ETH’s resurgence above $4k, currently trading around $4050. AVAX is outperforming on the day, following the announcement that South Korean game publisher Nexon Group will transition its popular MMO RPG, MapleStory, onto the Avalanche network as MapleStory Universe. Meanwhile, NEAR -0.06% also continues to outperform, likely fueled by anticipation of NEAR co-founder’s upcoming appearance on a panel alongside NVIDIA CEO Jensen Huang at next week’s conference. Despite the backdrop of rising rates ahead of an anticipated hot CPI print on Wednesday, the crypto market is showing remarkable strength. MSTR and COIN are both experiencing upward momentum this afternoon as well, following the announcement that MSTR closed $800 million in convertible notes and used the proceeds to purchase more BTC (more details below). These flows transpired last week alongside another $2.2 billion in net inflows from BTC ETFs (chart below). However, miners continue to find themselves under pressure, underperforming against BTC due to the elevated rate environment. Major equity indices such as the QQQ and SPX are witnessing slight declines, down 0.30% and 0.20%, respectively, on the day, while gold continues to show strength, up approximately 0.20% today.
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