Bitcoin's Volatility Persists Amid ETF Launch and Corporate Acquisitions

Bitcoin dropped below 61500. At the time of writing. The overall cryptocurrency market experienced a downturn despite the launch of cryptocurrency ETFs in Hong Kong, the market remained lackluster, with BTC and ETH ETFs attracting only $8.5 million and $2.5 million in volume respectively on their first day, a figure well below the anticipated $100 million.

MicroStrategy, now holding nearly 1% of Bitcoin's total circulating supply after acquiring an additional 25,250 BTC in Q1, saw its price target reduced by Canaccord Genuity from $1,810 to $1,590 despite maintaining a buy rating. This adjustment followed a reported net operating loss of $53.1 million due to a significant digital asset impairment charge. Canaccord cited Bitcoin's potential appreciation and a revaluation of MicroStrategy's software business as key factors influencing the new price target. MicroStrategy's shares fell over 5.5% to $1,220 in pre-market trading on Tuesday.

Alliance Resource Partners, a NASDAQ-listed coal miner, reported mining $30 million worth of Bitcoin using excess power at its River View mine in Kentucky, reflecting a $7.3 million gain. The company emphasized it was not purchasing Bitcoin but mining it to monetize spare electricity capacity, also renting out space to other miners to capitalize on low energy costs.