Today saw a remarkable shift in the crypto market as Bitcoin (BTC) bounced back to touch $65,000, leading to a substantial recovery. This upturn brought renewed hope to the market and caused a surge in stocks related to cryptocurrencies. Notably, Coinbase (COIN) and MicroStrategy (MSTR) experienced considerable growth during the pre-market trading session.
Coinbase & MicroStrategy Stocks Surge
Coinbase, a major cryptocurrency exchange, experienced a jump in its stock value as market faith in crypto was restored. The company’s share price increased by 2.81% compared to the previous day and was priced at $224.20 during the latest update. Additionally, on Thursday, Coinbase’s stock ended the session at $218.08, registering a growth of 2.01%.
Like MicroStrategy, the biggest Bitcoin institutional investor, experienced a rise in its share price. Excitement over the approaching Bitcoin Halving event drew investors to purchase MicroStrategy shares. The MSTR stock jumped 4.04% to $1,257 during early trading today. Previously, it had increased by 1.69%, finishing at $1,208.16 on Thursday.
Additionally, it’s worth mentioning that the rallies took place right before the Bitcoin Halving occurred. This event happens roughly every four years and decreases the mining reward for new Bitcoins. Previously, Bitcoin Halvings have led to price surges for BTC. By reducing the number of new Bitcoins being released, this event could increase demand and potentially boost prices.
Despite the general optimism in the cryptocurrency market, Robinhood’s (HOOD) stock bucked the trend and declined. On Friday’s pre-market session, HOOD dipped by 0.23%, reaching a price of $17.04.
Bitcoin Back Above $65,000
The price of Bitcoin picked up speed again and broke through the $65,000 mark just before the Halving occasion. Currently, the BTC price is climbing by 4.58% to reach $65,293.13 on April 19, a Friday. Meanwhile, Bitcoin’s market worth has grown to an impressive $1.28 trillion.
An additional noteworthy point is that the Bitcoin trading volume surged by 15.27% to reach $50.54 billion. This recent increase might be attributed to the excitement within the cryptocurrency community regarding the upcoming Halving. Nevertheless, some crypto experts believe that the Halving’s effects may have already been factored in, implying a minimal price increase for Bitcoin post-event.
Further, long positions continue to outnumber short liquidations during the market recovery, potentially leading to a downturn. Based on Coinglass statistics, approximately $55.62 million in long positions were terminated for Bitcoin within the past day. Concurrently, shorts attempted to mitigate their losses by purchasing back their positions at a cost of over $50 million in liquidations.
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2024-04-19 15:31