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Bitcoin-Related Companies Show Pre-Market Gains as BTC Nears $46K
U.S.-listed companies rode bitcoin's bullish momentum to show significant gains in pre-market trading, including COIN, MSTR, MARA and RIOT.
Updated Mar 8, 2024, 7:16 p.m. Published Jan 2, 2024, 10:29 a.m.
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Shares of prominent bitcoin-adjacent companies rose in pre-market trading on Tuesday as the world's largest cryptocurrency started 2024 by surpassing $45,000 for the first time in 21 months.
Bitcoin [BTC] has added more than 7% in the last 24 hours to about $45,600, the highest level since the start of April 2022. U.S.-traded companies such as crypto exchange Coinbase (COIN), software developer MicroStrategy (MSTR) – which owns a large number of bitcoin – and mining firms Marathon Digital (MARA) and Riot Blockchain (RIOT) rode the bullish momentum to show significant gains in pre-market trading.
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Coinbase is up 6.34% at $184.95 at the time of writing, while MicroStrategy is up over 9% at $689.84. Marathon and Riot both added more than 10%.
Bitcoin's latest surge indicates ever-increasing anticipation of a spot BTC exchange-traded fund (ETF) being listed in the U.S. A Reuters report on Dec. 30 suggested that the Securities and Exchange Commission (SEC) could notify ETF sponsors as early as Tuesday that their applications would be approved.
Read More: BlackRock, Valkyrie Name Authorized Participants Including JPMorgan for Bitcoin ETF
Más para ti
Small investors are buying bitcoin. For a rally to succeed, the whales need to join in.
Small wallets have increased their BTC holdings by 2.5% since October's all-time high while large holders trimmed 0.8%, Santiment data shows.
Lo que debes saber:
- Bitcoin wallets holding less than 0.1 BTC have increased their share of supply to the highest since mid-2024 even as the price holds around the mid-$60,000s.
- Larger holders with 10 to 10,000 bitcoins — the whales and sharks that typically drive major moves — have reduced their positions since the October peak.
- The divergence supports choppy, fragile price action because retail demand alone cannot sustain rallies when big wallets are distributing into every recovery.
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