Crypto Stocks Spike as Markets Rally
The digital asset market has recorded slight gains in its weekly recovery efforts prompting an inflow to crypto stocks in the last 24 hours. This week, the stock market as well as cryptocurrencies lost ground gained in past months due to macroeconomic factors and industry movements.
Crypto stocks are shares of companies linked to Bitcoin (BTC) altcoins or blockchain such that their performance is influenced by the market. Crypto stocks have recorded growth in the last 24 hours as digital assets seek to turn the tide and wipe out losses.
Crypto Stocks Move North
MicroStrategy (MSTR) is up 5.56% today to trade at $1,695. The asset is often linked with the performance of Bitcoin because of the bullish nature of its chairman Michael Saylor. Saylor continues to make bullish projections on the price of BTC following the approval of spot Bitcoin ETFs. The approvals by the United States Securities and Exchange Commission (SEC) led to massive inflows sparking a new turn in assets. MicroStrategy currently holds 214,246 BTC.
Coinbase (COIN) the largest cryptocurrency exchange by volume in the United States is up 2.05% in the last 24 hours. The asset rebound comes after trading in the red zone caused by reduced investor sentiments. Loses recorded this week have pulled monthly gains to 12%. The flow of COIN shows how crypto stocks move with digital asset prices. Limited on-chain transactions and steady outflows will lead to a reduced value of crypto stocks.
Nvidia has recorded a slight 0.86% increase to trade at $895.70. This week, the asset also recorded minimal outflows along the digital asset market. AI memecoins themed around Nvidia also plunged with the downtrend.
Bitcoin Miner Stocks Gains Uptick
As the tide of crypto stocks changed, a rise was also seen in mining stocks. Over the years, mining stocks also performed alongside the price of Bitcoin. Hut 8 notched a 7.9% increase in the last 24 hours and maintains its position in the green zone.
Mining stocks are up as the Bitcoin halving approaches. The halving event is seen as a bullish phase based on previous years. Months leading up to this phase have seen miners move assets to exchanges following a sharp rise in the asset’s price. Bitcoin trades at $67,863, a good position after the 2022 bear market.
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