Coinbase, Strategy lead crypto stocks higher as bitcoin spikes above $72,000

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Markets

What to know:

  • Crypto-related stocks rallied at the open of Wednesday’s U.S. session as bitcoin briefly climbed above $72,000 for the first time in nearly a month.
  • COIN, MSTR, GLXY, HOOD surged 8%-12%, with miners BITF, HUT, IREN also bouncing.
  • Bitcoin’s move into the closely watched $70,000 to $72,000 range, which has capped recent rallies, is a key test of whether the latest advance can be sustained.

It seems the crypto world has decided it’s time to get its act together, at least for today. Crypto-related stocks opened the Wednesday U.S. session with significant gains, as Bitcoin made its grand return above $72,000 for the first time in nearly a month. Bravo, Bitcoin! Bravo!

Coinbase (COIN), that darling of the crypto exchange world, soared above $200, making its strongest appearance since January. A 12% gain in the first few minutes of trading-who said digital currencies weren’t the life of the party? Meanwhile, Strategy (MSTR), the world’s biggest corporate bitcoin hoarder, climbed nearly 9% to hit a one-month high. For a company with that much bitcoin, you’d think they’d get a medal, or at least a free drink!

Not to be left behind, Galaxy Digital (GLXY), Robinhood (HOOD), and Ethereum treasury firm BitMine (BMNR) saw gains of 6%-8%. Stablecoin issuer Circle (CRCL) managed a 6% rise-now up over 70% in just a week since its earnings report. Talk about a glow-up!

Bitcoin miners, those tireless workers of the digital gold rush, also found their rhythm after the Tuesday selloff. Bitfarms (BITF), Hive (HIVE), Hut 8 (HUT), and IREN experienced gains in the range of 6%-10%. Who says hard work never pays off?

Even the broader U.S. equity market was in a good mood, with the Nasdaq and S&P 500 both up by about 1% in early action. Let’s just hope this doesn’t turn into one of those ‘everything’s going great, until it’s not’ situations.

The real drama unfolded when Bitcoin shot up to $72,600 at the start of the U.S. session, marking its highest point since February. Naturally, it couldn’t maintain that high and retreated slightly to $71,500. Still, up 5% in just 24 hours? Someone’s doing something right!

That pesky $70,000-$72,000 range, which has previously capped Bitcoin’s rallies, remains the next big hurdle. Can Bitcoin break through it this time? Will the digital world be set ablaze, or will it simply collapse into a puff of smoke, like every other bubble before it?

Bitcoin’s newfound outperformance comes as a bit of a surprise, given that crypto assets have massively underperformed every other asset class for the past couple of months. What gives? Wintermute OTC trader Jasper De Maere posits that uncertainty in equities might be pushing capital towards crypto. Apparently, digital assets are not burdened with supply chain issues or soaring energy prices-what a relief!

De Maere also suggests that equities and crypto have become “substitute risk-assets,” a trend that could very well continue as stock inflows slow. If the situation stays fluid (as it surely will), we might be in for a long ride. Higher energy prices and sticky inflation? That’s a recipe for disaster, but hey, crypto’s been through worse, right?

In short, expect more volatility and uncertainty until some brave soul provides the clarity everyone’s hoping for. Until then, sit back and enjoy the show-after all, what’s life without a little chaos?

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2026-03-04 18:22