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MicroStrategy shares hit three-month highs also thanks to Bitcoin

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MicroStrategy’s share price closed at $ 682 yesterday thanks to the rise in the price of Bitcoin.

This level has not been seen since April 28 , when it closed at $ 680 after also hitting $ 689.

Just starting from April 29th a real fall was triggered, which ended on May 21st when a minimum of $ 447 was touched.

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In other words, in less than a month the stock had lost 35% of its value on the stock exchange.

The fact is that now, given the huge amount of BTC held by the company, the value of MicroStrategy shares is definitely correlated to that of bitcoin.

The price of bitcoin, after hitting its all-time high on April 14, at nearly $ 65,000, had already dropped to around $ 55,000 on April 28, and then plummeted to $ 30,000 on May 19.

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This downward trend was in fact also replicated by the MicroStrategy title which, moreover, as well as BTC then lateralized around the annual lows for several days.

However, while the price of bitcoin rose from $ 30,000 only on July 2, that of MicroStrategy shares had shown signs of recovery as early as June 9, when it had risen above $ 500.

Indeed, on 18 June it had also returned to above 600%, a level that was also confirmed at the end of June. But then, starting in early July, a new descent was triggered that brought it to a minimum peak of $ 492 on July 19, or the day before the price of bitcoin returned below $ 30,000.

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Also for the MicroStrategy stock, July 21 was the day of the turnaround, with the price climbing in a few days to yesterday’s peak of $ 695, or with a gain of more than 40% in less than a week.

Yesterday alone, after the weekend break, it went from $ 539 to $ 682, or by registering a daily + 26%.

The fact of being so correlated to the price of bitcoin also means that the MicroStrategy stock tends to have a volatility more similar to that of cryptocurrencies than to other similar stocks, and that it is not said that the recent increases may necessarily hold even in the next days.

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However, it is interesting that, like any other share listed on the Nasdaq, its trading is suspended over the weekend, while those of bitcoin never stop. In other words, after Sunday’s rise in BTC’s price, yesterday’s MicroStrategy stock was in fact anything but unexpected.

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