The Defiance Daily Target 2X Long MSTR ETF (MSTX) experienced a significant soar of 7.17% in the last 24 hours, fueled by the bullish sentiment surrounding Bitcoin and its underlying asset, MicroStrategy (MSTR).
MSTX, a leveraged ETF that offers 2x exposure to MicroStrategy's stock price movements, benefited from the positive outlook for Bitcoin and the favorable analyst coverage of MicroStrategy. The cryptocurrency market has been buoyed by several catalysts, including reports of the incoming Trump administration's pro-crypto stance and the potential formation of a crypto advisory council.
Furthermore, analysts at Bernstein have issued a bullish forecast, projecting Bitcoin to reach a staggering $200,000 by 2025. This prediction, coupled with crowdsourced projections on Binance that estimate Bitcoin's price around $123,000 by 2030, has fueled optimism among investors and amplified the gains for MSTX due to its leveraged structure.
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