MicroStrategy Stocks Surge as Bitcoin Hits New High, Coinbase Introduces Smart Contracts
Summary:
MicroStrategy records a over 20% spike in its stocks as Bitcoin prices touch $67,000. Bitcoin also reaches a milestone high against the Euro, with the Mexican Peso as its next target. Meanwhile, Coinbase unveils embedded smart contracts for developers to ease integration across Ethereum Virtual Machine Applications.
MicroStrategy (MSTR) stocks saw a spike of over 20% on March 4, driven by Bitcoin's price touching $67,000. Simultaneously, Bitcoin hit a new record high against the euro at 60,000 euros, marking the Mexican peso as its next goal. In other news, Coinbase has launched embedded smart contracts for developers which are designed to alleviate the difficulties faced while developing Web3 applications.
The magnitude of the surge in MSTR stocks is attributed to Bitcoin's approach towards an all-time high. Bitcoin's price jumped to $67,000 on March 4, marking an increase of over 56% within a month. This boost follows MicroStrategy adding another 3,000 BTC in mid-February to its treasury, taking its total possession to 193,000 BTC. Company Chairman, Michael Saylor, has been vocal about their indefinite plan to continue investing in Bitcoin.
The price of Bitcoin (BTC), in euros, marked a new record, hitting $65,000, a multi-year high. Data from TradingView indicates that Bitcoin made a leap to 60,393 euros, marking a 5% increase from its intraday low of 57,521 euros. Currently, Bitcoin's price stands at 59,981 euros, boasting a yearly increase of 56%. Sam Wouters, River Intelligence's marketing head, suggests that the Mexican peso is the next currency targeted by Bitcoin. Current data from Xe.com shows the trading price of BTC at 1.1 million pesos, a decrease of approximately 24% from its former high of about 1.4 million pesos set in November 2021.
Further expanding its services, crypto exchange Coinbase has launched embedded smart wallets for developers. These wallets facilitate superior integration across a range of Ethereum Virtual Machine (EVM) applications. As per the announcement, the latest smart wallet solutions from the exchange enable users to move their crypto balances across other EVM-compatible applications that use the Coinbase Wallet SDK. The newly introduced feature lets developers infuse noncustodial white-labeled wallets into their applications.
Yuga Cohler, the senior engineering manager at Coinbase Embedded Wallets, explained the development, noting that customer feedback in the previous year has greatly influenced product improvement efforts leading to the launch of Embedded Wallets. This functions as an extension of Coinbase's wallet-as-a-service product line, giving developers the ability to embed crypto wallets into their applications without having to build new technology.
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Contributors to the reporting of this news include Geraint Price, Sam Bourgi, and Felix Ng.
Published At
3/4/2024 9:43:34 PM
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