Why MicroStrategy Stock Spiked Today

Shares of MicroStrategy (NASDAQ: MSTR), a cloud-based analytics company, were flying high today on no company-specific news. Investors were instead likely reacting to the rising price of Bitcoin as the value of the cryptocurrency is on the rise.

MicroStrategy holds well over 100,000 Bitcoin tokens, so its shareholders react strongly to the price of the cryptocurrency. As a result, the tech stock was up by 20.8% as of 1:51 p.m. ET on Tuesday. 

The price of Bitcoin reached an all-time high of $64,000 in 2021. But since late last year, the world's leading crypto has plummeted, and earlier this month it fell below $30,000. 

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Source Fool.com