Crypto Markets Surge As Microstrategy Buys More Bitcoin

The two largest cryptocurrencies led the charge as risk assets rallied on Monday, recovering significant losses incurred from the rout of last week's global bond selloff after renewed investor interest took the markets by storm. 

Microstrategy CEO Michael Saylor announced through a tweet that the business intelligence firm had acquired an additional 328 bitcoins for the sum of $15 million on Monday, just less than a week after it pumped a whopping $1 billion into the crypto-asset.

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Bitcoin surged almost 13 percent today  $49,305 after it had just broken below $44,000 yesterday, recovering about half of last week's losses in one day, while ether soared over 18 percent to $1,545 reclaiming more than half of last week's deficit according to data from coindesk.com.

Microstrategy now holds 90,859 BTC with an average purchase price of $24,063, now worth about $4.5 billion as at press time. CEO Michael Saylor tweeted the holdings had been bought for around $2.186 billion, meaning the firm is already sitting on a roughly $2 billion profit.

Bitcoin, designed as a payment tool, is little used for commerce in major economies, hampered by high volatility and relatively costly transactions. Still, it has over the past year gained traction in some emerging markets such as Nigeria.