Benzinga | Oct 5, 2021 02:15PM EDT

Why Bitcoin-Related Stock MicroStrategy Is Rising Today

Shares of several cryptocurrency-related stocks, including MicroStrategy Incorporated (NASDAQ:MSTR), are trading higher amid an increase in the price of Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).

Bitcoin and Ethereum are on the move following positive commentary from Bank of America analysts and the anticipated regulation of crypto in Brazil.

Bank of America said that cryptocurrency is too large to ignore and pointed to potential investment opportunities in the space. Bank of America believes regulation could be positive for crypto in the long-term.

Brazil is set to vote on a cryptocurrency regulation bill this week that could make Bitcoin legal tender in the South American country.

MicroStrategy Incorporated provides enterprise analytics software and services worldwide.

MicroStrategy shares were trading about 5% higher at $637.96 per share on Tuesday at the time of publication. The stock has a 52-week high of $1,315 and a 52-week low of $149.23.