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Crypto-Related Stocks Surge as Bitcoin Price Hits Highest Point Since June 2022
Bitcoin miners are posting the largest percentage stock gains on Monday.
Updated Apr 11, 2023, 5:36 p.m. Published Apr 10, 2023, 7:37 p.m.
Marathon Digital (MARA), Coinbase (COIN) and MicroStrategy (MSTR) are among the names making big moves as bitcoin (BTC) rose more than 4% on Monday to top $29,200 for the first time since June 10, 2022.
Alongside Marathon Digital's 12% advance, fellow bitcoin miners Riot Platforms (RIOT) and Hut 8 Mining (HUT) are ahead 13% and 10%, respectively.
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Crypto exchange Coinbase (COIN) is up 5.5% and MicroStrategy (MSTR) – the owner of 140,000 bitcoin – has gained more than 6%.
Prior to today's upside action, bitcoin had been locked in a very tight range on either side of $28,000 for about 10 days. There's no apparent news behind Monday's sizable gains. Wednesday the consumer price index (CPI) will be released for March, one of the more important pieces of economic data prior to the U.S. Federal Reserve's early May meeting. Many market watchers are predicting the central bank might end its more than year-long series of interest rate hikes at that meeting.
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Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
What to know:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
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