Bitcoin experienced a remarkable recovery on Tuesday, driven by MicroStrategy’s strategic purchase of 10,107 BTC for an impressive $1.1 billion. The acquisition came as MicroStrategy launched its convertible preferred stock, STRK, targeting institutional investors and select retail investors. Meanwhile, the EUR/USD pair extended its negative trajectory, touching three-day lows in the 1.0430 region, as the US Dollar rebounded amid ongoing tariff narratives and expectations of further easing by the European Central Bank (ECB).
Bitcoin’s price saw a modest recovery, trading above $102,000, after dipping to a low of $97,777 the previous day. This uptick highlights the continued interest and strategic maneuvers by major players like MicroStrategy in the cryptocurrency market. The company's significant investment underscores its bullish stance on Bitcoin’s long-term potential.
In the foreign exchange market, the US Dollar's resurgence was notable. The currency gained strength against the Euro, influenced by trade tensions and monetary policy expectations from the ECB. This movement added pressure to the EUR/USD pair, as it flirted with recent lows.
Simultaneously, gold prices experienced a decent rebound following a sharp retracement on Monday. The precious metal reached the $2,750 region on Tuesday. This recovery was supported by a combination of rising European stocks and US futures, alongside discussions around tariffs led by former President Trump.
The technology sector witnessed a significant shift last week as several Chinese companies opened their AI models to the public. This move sent shockwaves through the industry, which has traditionally been dominated by high-priced US tech giants with soaring valuations. Chinese tech startups are poised to disrupt the artificial intelligence space with their open-source offerings.