Coinbase, MicroStrategy, and Crypto Stocks Record Weekly Upswing
Highlights
- Crypto stocks moved upwards to weekly gains after sentiments flipped.
- Coinbase soared over 2% in the last seven days shaking off losses.
- Bitcoin miners were the biggest gainers this week with positive volumes.
Crypto stocks have turned the tide following previous weeks of outflows as market sentiment remains low. This week, most assets saw inflows wiping out losses due to the market downturn. Crypto stocks continue to trade alongside the cryptocurrency market and the wider stock market. These assets are influenced by happenings in Bitcoin (BTC), altcoins, or blockchain technology.
Weekly figures show that crypto stocks picked up compared to digital assets although mid-week trading showed slight positivity. The market cap still stands at $2.26 trillion portraying the negative sentiments in the crypto market. Here is the performance of some crypto stocks this week.
Crypto Stocks Soar to Weekly Gains
Digital asset exchange, Coinbase saw shaky numbers with low volumes at the start of the week before massive gains and another round of plummeting figures. COIN trades at $222.23, a 0.7% drop today after the market wore a bullish outlook. However, weekly gains were up above 2.5% following positive mid-week trading.
Coinbase stock has always represented the market performance during multiple cycles due to the fluctuations in activity. This week, the company announced a partnership with payment firm Stripe to reach more customers.
MicroStrategy (MSTR), the company known for its Bitcoin holdings saw significant inflows this week although numbers are still in the redzone. MARA is down 9% today while weekly numbers are low by 1%. However, longer-term outflows show the level of recovery of the asset this week. Trading at $1,377, MSTR plunged 17.7% this month wiping out a significant part of gains recorded in Q1 2023.
Bitcoin Mining Stocks Are Up
Bitcoin mining stocks were probably the biggest gainers among crypto stocks this week. This is because of the upswing in midweek trading and the increased price of the asset. Marathon Digital (MARA) is up 0.97% today at $19.85. This week, the asset is up over 7% wiping out previous losses.
Similarly, Canadian-based miner Hut 8 soared 24% this week as market and industry activity increased. Riot Platforms also ticked 0.22% gains today to trade at $9.14.
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