Cryptocurrency Market Update: Bitcoin and Ether Trends, South Korea’s Investment in MicroStrategy

Latest Market Overview

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Current Prices

• CoinDesk 20 Index: 1,888 −0.3%
• Bitcoin (BTC): $58,376 −0.7%
• Ether (ETH): $2,614 −1.0%
• S&P 500: 5,543.22 +1.6%
• Gold: $2,504 +2.1%
• Nikkei 225: 38,062.67 +3.64%

Key Highlights

The cryptocurrency market experienced a relatively calm atmosphere during the Asian and European trading hours, marking the end of the week. Bitcoin saw a slight decline of 0.45%, hovering around the $58,500 mark. Meanwhile, Ether (ETH) dropped by 0.7%, while Solana (SOL) emerged as a standout performer, gaining 0.44%. The overall digital asset market, as tracked by the CoinDesk 20 Index, showed a modest increase of approximately 0.39%. Notably, Bitcoin fell below the $57,000 threshold late Thursday, a dip that seemed to lack any clear catalyst, particularly as both the Nasdaq and S&P 500 indices were on the rise during that time.

In other news, South Korea’s National Pension Service has made headlines by acquiring nearly $34 million worth of shares in MicroStrategy. Following a recent 10-for-1 stock split by the software company, the pension fund now holds 245,000 shares of MSTR, valued at approximately $32.32 million based on Thursday’s closing price of $131.93. This investment can be interpreted as an indirect bet on Bitcoin, considering MicroStrategy’s status as the largest corporate holder of the cryptocurrency. Earlier this month, Wall Street broker Benchmark notably raised its price target on MicroStrategy from $1,875 to $2,150, despite the company’s failure to meet its second-quarter revenue targets. Furthermore, the NPS has also invested over $45 million in Coinbase shares.

On a different note, the New York Stock Exchange has decided to withdraw its plans to list options for a Bitcoin ETF, as indicated in a recent SEC filing. The SEC had prolonged its review period multiple times following the NYSE’s proposal for public comment back in February, ultimately leading to formal proceedings in April. The proposal was withdrawn by the NYSE before a conclusive decision could be reached. In a related development, the CBOE, which is home to several Bitcoin ETFs, also withdrew its application but has since refiled with a significantly more comprehensive proposal, as highlighted by documents reviewed by Bloomberg’s James Seyffart. To date, the SEC has not issued any public comments or feedback concerning these developments.

Chart of the Day

– Jamie Crawley