Major U.S. stock market index, S&P 500, eliminates firms associated with Bitcoin.
In the dynamic world of cryptocurrencies, two significant events have recently taken place, causing a stir in the industry. First, the introduction of Bitcoin Hyper, a Layer-2 solution aiming to enhance Bitcoin's capabilities to match those of newer coins like Ethereum ($ETH) or Solana ($SOL). Second, the controversial decision by the S&P Dow Jones Indices committee not to include Michael Saylor's firm, Strategy, in the S&P 500.
Bitcoin Hyper, with its native token $HYPER, is currently available in the presale and has been dominating international crypto media for weeks. This new altcoin's demand has surged, with over $14 million already invested in its presale. Analysts predict that the price will skyrocket after the listing, making it an attractive investment opportunity.
Meanwhile, Strategy, a company with over $70 billion worth of Bitcoin, applied for inclusion in the S&P 500. The firm met all formal criteria such as market capitalization, liquidity, and four consecutive profitable quarters. However, the S&P Dow Jones Indices committee decided against its inclusion, reflecting that the index is managed like an active fund with discretionary approval. This decision was a setback for Bitcoin, as Strategy's inclusion would have significantly increased demand for the stock, providing Michael Saylor with fresh capital to invest in Bitcoin.
Robinhood, on the other hand, was granted inclusion in the S&P 500, surprising some traders. This move led to a rise in Robinhood's stock in after-hours trading.
It's important to note that Strategy issues new shares when demand allows to raise capital for further Bitcoin purchases. The company is known for taking advantage of setbacks to buy back in cheaper.
The crypto market has been quiet over the weekend, but the committee's decision not to include Strategy in the index could potentially provide an external catalyst for a new rally in the crypto market.
However, investing in Bitcoin Hyper, like all investments, carries risk and may not be suitable for all investors. It's crucial to conduct thorough research and consider professional advice before making any investment decisions.
Lastly, it's worth mentioning that the website providing information about Bitcoin Hyper may receive commissions from the companies featured on the website.
In conclusion, the developments surrounding Bitcoin Hyper and Strategy's S&P 500 application have shaken up the crypto market, with Bitcoin's price plummeting from its all-time high of $124,000 after the rejection of Strategy. As the situation unfolds, investors and crypto enthusiasts will be watching closely to see how these events will shape the future of the crypto market.
