Coinbase and Other Crypto-Exposed Stocks Rally as Bitcoin, Ethereum Rebound
as the price Bitcoin And Ethereum Rose today, shares of companies traded on Wall Street rallied on an upside as well as risks from cryptocurrencies.
In cryptocurrency prices, Polygon’s MATIC led the charge, rising 22% on the day, according to data from CoinMarketCap, while writing, Ethereum climbed 10.5% over the past 24 hours to nearly $1,500, a weekly gain of over 30%, while Bitcoin After $22,000, it only gained over 4.5%.
This is a marked turnaround in a bleak bear market for investors and traders alike. Deteriorating macroeconomic conditions and the threat of a recession have dampened investment appetite in riskier assets, with bitcoin and ethereum each down close to 70% from their all-time highs. Today, that hunger seems to have rekindled, even if it is only temporarily.
The publicly traded company Marathon Digital Holdings, Inc. For — a digital asset technology business that specializes in cryptocurrency mining — upward pressure on the digital asset’s price caused its share price to rise 22% from $8.83 to $9.82 as trading volume more than tripled its daily volume. Gone. average, according to the data of Nasdaq,
Coinbase Shares Jumped 9% That Day to Around $59 Nasdaqin spite of a internal email Recently sent to influencers about its affiliate-marketing program, which the company said is ending tomorrow due to a bear market in digital asset prices.
Within the past 24 hours, 30% of the volume on Coinbase’s exchange came from Ethereum and 20% of it was bitcoin trades, according to data from CoinMarketCap,
is one of the company Many Most of the digital assets involved in crypto are currently facing financial constraints amid a drop in price. publicly traded, both Robin Hood And Coinbase has announced layoffs this year, Coinbase let go 18% of its employees last month.
Microstrategy Incorporated, which holds 129,699 bitcoins, popup Before sinking to around $227 from $246.55, as the software maker saw its stock price rise 6% that day. according to recent Tweet From the company’s CEO Michael Sailor, the company has spent nearly $4 billion building its bitcoin stash.
MicroStrategy bought an additional 480 bitcoins for ~$10.0 million at an average price of ~$20,817 per #bitcoin, 6/28/22 . until @MicroStrategy Acquired ~129,699 bitcoins for ~$3.98 billion at an average price of ~$30,664 per bitcoin. $mstrhttps://t.co/leQYTXn817
Bitcoin mining company Bit Digital, Inc. saw an increase as its share price rose nearly 5% to 1.70 Nasdaq,
Riot Blockchain, which also focuses on bitcoin mining, saw its shares rise. increase 12% up to $6.24 at the time of writing, even if the company recently suspended its operations in Texas amid the heat wave and sold more bitcoins than they produced in May.
Traders on Block Inc., formerly known as Square, were less optimistic as shares of the San Francisco-based payment solutions company. rose above 1% $66.81 the day.
The stock trading platform that allows its users to invest in cryptocurrencies, Robinhood Markets, Inc. Similarly an increase of 2% Up to $8.60 on below-average quantities.