Best Crypto to Buy Now 2 August – XDC Network, Kaspa, Maker
Major cryptocurrencies saw an increase in their prices in the final hours of trading yesterday, coinciding with the news of MicroStrategy Inc's financial recovery in Q2.
Considering this latest development of the business intelligence giant reporting a substantial improvement in its financial status, what are the best cryptos to buy now?
In stark contrast to the net loss of $1.1 billion in the same quarter last year, MicroStrategy's recent financial report shows a healthy net income of $22.2 million.
Despite total revenue remaining steady at around $120.4 million, the main driver of this turnaround was the sharp drop in losses related to cryptocurrencies.
These losses, which left a $917.8 million dent in the company's balance sheet in Q2 2021, have now shrunk to just $24.1 million this quarter.
As outlined in its Tuesday filing, MicroStrategy plans to use the net earnings "for general corporate purposes, which may include the acquisition of bitcoin as well as the financing of our operations."
These impairment losses occur when Bitcoin's market price falls below MicroStrategy's acquisition cost.
In Q2, Bitcoin fluctuated between $25,000 and $30,700 before surging in mid-June amid SEC filings for spot Bitcoin exchange-traded funds.
According to MicroStrategy CFO Andrew Kang, "Our bitcoin holdings increased to 152,800 bitcoins as of July 31, 2023, with the addition in the second quarter of 12,333 bitcoins being the largest increase in a single quarter since Q2 2021."
Bitcoin is currently trading at $29,121, which reflects a 1.95% decrease so far today.
The cryptocurrency is currently retesting the Fib 0.382 level at $29,143 for support.
If it does not manage to maintain this level and closes below it, there is a possibility that
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