MicroStrategy (MSTR) stock is soaring 19% in late Tuesday trading after bitcoin (BTC-USD) rises 3.2% to break above $31K for the first time since May 16 and stemming a nine-week decline. The software company's stock is affected by the crypto's price moves because MicroStrategy (MSTR) holds 129,200 bitcoins (BTC-USD) on its balance sheet, making it the world's largest publicly traded corporate owner of the cryptocurrency. Over the weekend, cryptocurrencies, including BTC, jumped as some strategists and investors said they're seeing signs that the crypto market may be bottoming. JPMorgan Chase strategists suggest the crypto is in early stages price recovery and calculate BTC's fair market value at $38K. Bitcoin (BTC-USD) traded at $31.6K at 3:56 PM ET. In the YTD, MicroStrategy's (MSTR) stock has slumped 52%, while bitcoin (BTC-USD) has only dropped 34% as seen in this graph. In other crypto-related news, crypto ETFs and ETPs suffered outflows of $556M in the
$30 Million Worth XRP Traded in 30 Minutes
