Cryptocurrency exchange Coinbase shares surge 69% from all-time lows, and other crypto-related stocks, including business intelligence firm MicroStrategy, have posted similar surges since early 2023 with a green candle. increase.
After falling to $31.95 on January 6, Coinbase stock surged to $54.14 by the close of trading on January 17.
Rising stock price is likely to be a big sigh of relief for Coinbase executives after being cut in a difficult 2022 20% of employees and decide Downsize operations in JapanDespite the surge, 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 its Dec. 29 low of just over $135 — representing a more than 74% gain — while Jack Dorsey’s Block is up 27% in share price. , from a low below $59 on Dec. 28 to above $75.
The rally in crypto mining stocks has been even more dramatic. Bitfarms and Marathon Digital Holdings record surge The first two weeks of the year are 140% and 120% respectively.
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 Dec 28 to around $13 today, up just under a third.
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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%.
Although the trust is designed to reflect the price of Bitcoin (Bitcoin) it often trades at a discount or premium to the value of the underlying asset, and after trading at a discount of over 45% on December 28, it is currently sitting at a discount of just over 36%.
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.
total #Crypt Market capitalization exceeded $1 trillion!!! pic.twitter.com/wS4N9qjA4G
— Lark Davis (@TheCryptoLark) January 17, 2023
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 advisor Genevieve Roch-Decter.
Last year’s crypto stocks:
Voyager -99.7%
Silver Gate -90.8%
Marathon Digital -83.1%
Coinbase -82.3%
HIVE Blockchain -81.3%
Microstrategy -63.9%— Genevieve Roch-Decter, CFA (@GRDecter) January 10, 2023
