MicroStrategy has recorded a profit for the first time in nine quarters, thanks to Bitcoin’s rally since the start of the year.
AltSignals has completed 62% of its presale and looks to raise over $300k in the coming weeks.
Market experts believe that the cryptocurrency market could record massive gains over the next few weeks and months.
MicroStrategy, one of the biggest bulls in the cryptocurrency space, has recorded a profit for the first time in nine quarters. The positive performance was attributed to Bitcoin’s 70% in the first quarter of 2023.
With Bitcoin and the broader cryptocurrency market rallying, new projects are emerging that seek to improve certain areas of the ecosystem. One of these projects is AltSignals.
AltSignals is looking to change how traders approach cryptocurrency trading. The project has already raised more than $600k in its presale event and will use the funds to complete the development of some of its products.
MicroStrategy records profit in Q1
MicroStrategy, the largest public holder of Bitcoin, posted a profit in the first quarter of 2023. This is the first time MicroStrategy is recording a profit in nine quarters, with the bear market affecting its activities.
The profit recorded by MicroStrategy was thanks to Bitcoin’s rally during Q1. The Bitcoin price rose by more than 70% in the first quarter of 2023. The rally allowed MicroStrategy to repay its loan and tap a one-time tax benefit of $453.4 million.
Despite the bear market, MicroStrategy purchased 7,500 BTC in the first quarter of 2023, bringing its total holdings to 140,000 BTC, making it one of the largest Bitcoin holders in the world.
Crypto prices could still rise, says Grayscale analysts
In response to the current market conditions, analysts at Grayscale believe that cryptocurrency prices could still rise.
The analysts cited the declining inflation figures in the United States, and the Federal Reserve’s rate hikes move as two factors that could result in the prices of cryptocurrencies soaring higher in the near term.
In addition to the positive news from MicroStrategy, Grayscale analysts pointed out that the failures of several regional banks demonstrate that investors continue to display an appetite for crypto during times of economic uncertainty.
The experts believe that there are several factors…
Click Here to Read the Full Original Article at CoinJournal: Latest Bitcoin, Ethereum & Crypto News…