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Coinbase Up 69%, MicroStrategy Up 74% From Lows

Delbert Williams IIBy No Comments3 Mins Read

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Cryptocurrency exchange Coinbase shares surge 69% from all-time lows, and other crypto stocks, including business intelligence firm MicroStrategy, have posted similar surges since early 2023 with a green candle. increase.

After falling to $31.95 on Jan. 6, Coinbase stock surged to $54.14 by the close of trading on Jan. 17.

Coinbase stock price last month.Source: Yahoo Finance

Rising stock prices are likely to be a big sigh of relief for Coinbase executives after deciding to cut 20% of its workforce and scale back its operations in Japan in a difficult 2022. However, COIN remains more than 84% below its all-time high.

Other crypto-related stocks such as MicroStrategy and digital payments firm Block Inc. also posted strong gains in the new year.

MicroStrategy’s stock has risen to nearly $236 from a low of just over $135 on Dec. 29 — representing an increase of more than 74% — while Jack Dorsey’s Block is up 27%. from a low below $59 on December 28 to above $75.

The rally in crypto mining stocks has been even more dramatic. Bitfarms and Marathon Digital Holdings posted surges of 140% and 120% respectively in his first two weeks of the year.

Crypto Exchange Traded Funds (ETFs) also rebounded to a lesser degree, along with the Valkyrie Bitcoin Miners ETF (WGMI), more than doubling in price from a low of just over $4 on December 28 to over $8. bottom.

The ProShares Bitcoin Strategy ETF (BITO) surged from just over $10 on December 28th to around $13 today, up just under a third.

Related: Is this a Bull Run or a Bull Trap? Watch Market Report Live

Even Grayscale Bitcoin Trust managed to recoup some of its losses in 2022 after rising from a December 28 low of $7.76 to its current price of $11.72. This is an increase of 51%.

Trusts are designed to reflect the price of Bitcoin (BTC), but are often traded at a discount or premium to the value of the underlying asset, and after trading at a discount of over 45%. , which is now at a discount of just over 36%. December 28th.

Some experts believe that Bitcoin in particular surged against the backdrop of positive US inflation announced on January 12th. Since then, the price he has risen more than 17%. Market bottom for many cryptocurrencies and stocks.

The recent surge in crypto stocks should be a huge relief to those who have invested in them, but as emphasized, many of these companies have a long way to go to return to all-time highs. It’s worth noting. Financial her January 10 tweet by her adviser Genevieve Roch-Decter.