In a noteworthy development, the cryptocurrency market recovered significantly today, with Bitcoin (BTC) regaining the $65,000 threshold. This comeback gave the market new hope and helped several stocks tied to cryptocurrencies rise. Additionally, during the pre-market session, the stocks of Coinbase (COIN) and MicroStrategy (MSTR) saw significant increases.
Coinbase, one of the leading crypto exchanges, saw its stock surge as investors regained confidence in the crypto market. The company’s stock price rose 2.81% from the previous trading session and traded at $224.20 at press time. Furthermore, on Thursday, the COIN stock closed at $218.08, gaining 2.01%.
Similarly, MicroStrategy, the largest institutional investor in Bitcoin, witnessed a surge in its stock price. Investors flocked to MicroStrategy stock as the hype surrounding the upcoming Bitcoin Halving intensified. The MSTR stock rallied 4.04% to $1,257 in pre-market trading today. Earlier, the stock gained 1.69% and closed at $1,208.16 on Thursday.
Moreover, the timing of these rallies is noteworthy, as they occurred just before the Bitcoin Halving event. The event that occurs approximately every four years involves a reduction in the rate at which new Bitcoins are mined. Historically, Bitcoin Halvings have been associated with a significant price rally for BTC. The event reduces the supply of new Bitcoins entering the market, thereby potentially driving up prices.
However, amid the overall positive sentiment in the crypto market, one notable exception was the Robinhood (HOOD) stock. The HOOD stock defied the trend and experienced a slump. The stock dipped 0.23% to $17.04 in the pre-market session on Friday.
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The Bitcoin price finally regained momentum and surpassed the $65,000 threshold ahead of the Halving event. At the time of writing, the BTC price was up by 4.58% to $64,657 on Friday, April 19. Whilst, the oldest crypto boasted a market valuation of $1.28 trillion.
In addition, the BTC trading volume soared 15.27% to $50.54 billion. The latest rebound could be a result of the optimism in the crypto community owing to the upcoming Halving. However, crypto analysts have even predicted that the Halving is already priced in and Bitcoin wouldn’t see a notable uptick after the event.
Moreover, longs are still dominating the liquidations amid the recovery, which could catalyze a slump. According to Coinglass data, $55.62 million long liquidations were recorded for BTC in the last 24 hours. In addition, shorts didn’t give up as they tried minimizing losses by buying back their positions with liquidations worth over $50 million.
Also Read: Bitcoin Price Risk Falling On Options Expiry Before Bitcoin Halving?
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