NewsletterCrypto Stocks Eye Double-Digit Gains, MicroStrategy Soars 5% in Pre-Market
Highlights
- Crypto stocks continue to upsurge in pre-market trading hours on Monday.
- The first trading day after Bitcoin halving saw MicroStrategy, Coinbase, Robinhood shares to rise.
- Bitcoin mining stocks lead gains with Riot Platforms price increasing 6%.
The fourth Bitcoin halving event was different from the past three halving events. This was primarily due to the number of wallets holding BTC significantly higher and larger than in earlier Bitcoin halvings in 2020, 2016, and 2012. The miners are extremely overpaid as Bitcoin transaction fee reached an all-time high of $128.45. Crypto stocks saw a recovery as bullish sentiment returned and Bitcoin price surpassed $66,000.
Crypto Stocks Rising in First Trading Hours Post-Bitcoin Halving
Crypto stocks continue to upsurge in pre-market trading hours on Monday, the first trading day after Bitcoin halving. Crypto-related stocks saw massive upside momentum on pre-halving sentiment, especially crypto and Bitcoin mining shares.
MicroStrategy (MSTR) stock price jumped over 5% in pre-market hours on April 22, with price currently trading above $1,225 in pre-market hours. MSTR fell over 20% last week amid Israel-Iran tensions, selling pressure on Bitcoin, and as executive chairman Michael Saylor sold some Class A shares.
Crypto exchange Coinbase (COIN) and Robinhood Markets (HOOD) prices saw a 2.71% and 1.44% jump in pre-market hours. Similar to MicroStrategy, COIN and HOOD prices also fell last week.
Bitcoin mining shares are witnessing a significant rally, looking to extend the double-digit gains recorded last week. Riot Platforms (RIOT) closes 10.13% higher at $9.13 on Friday. RIOT price is trading 5.81% higher in pre-market hours on Monday. Marathon Digital is trading at 3.45% in pre-market after a 9.78% jump to $16.50 on Friday.
Other mining shares are also up, CleanSpark (3.49%), Cipher Mining (3.91%), and Bitdeer Technologies (3.16%). The Bitcoin mining witnessed rally as miners enjoyed a rise in reward after Bitcoin halving, as compared to a decrease in Bitcoin mining reward due to Runes protocol.
Also Read: Shiba Inu’s Shytoshi Kusama Unveils $12M Funding Via TREAT For Layer-3 Blockchain
Bitcoin Miners Looks for Better Mining Alternatives
Bitcoin halving incentivizes miners to use more energy-efficient computing systems, says Fred Thiel, CEO of Marathon Digital. Miners need to operate at a lower cost to drive profit after the revenue from mining the cryptocurrency has been cut in half, he added.
Bitcoin miners also tend to sell their Bitcoin holdings to prevent due to financial crunch and rising mining difficulty. Nearly, $2.4 million in fees were paid for transactions in Bitcoin block 840,000 to mark the the halving, said CryptoQuant CEO Ki Young Ju.
BTC price currently trades near $66,000, with a more than 1% jump in the last 24 hours. The $66K is a major resistance level to confirm further rally in Bitcoin.
Also Read: XRP Lawyers Reveal Appeal, Settlement, Fine in Ripple Vs. SEC
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