Coinbase And Crypto-Related Stocks Are Soaring As Traditional Markets Fall
- As bitcoin’s price remains above $19,000, the market for companies involved in the cryptocurrency industry is responding by bidding up their share prices.
- The S&P 500 and the Nasdaq are both headed in the direction of a downward trend right now.
Coinbase and other crypto-related stocks are performing well despite the general decline in traditional markets.
Stocks relating to cryptocurrencies, such as Coinbase and Hut 8, are currently trading higher, breaking the trend of the S&P 500 and Nasdaq, which are both falling. Since an hour ago, the price of bitcoin has been trading consistently above $19,000, which is beneficial for companies dealing in cryptocurrencies and digital assets.
After Bitcoin hit over $19,00, both Coinbase and Silvergate have shown gains thus far today; Coinbase is up roughly 5%, and Silvergate is up 3%. Around 10:40 in the morning Eastern Standard Time, the cost of MicroStrategy has grown by 4.8% since earlier in the day. Marathon Digital saw a 14% increase in their share price, while Hut 8 saw a 9% increase in their share price.
“We’re absolutely seeing some surprising positive performance in crypto assets,” said Stephane Ouellette, CEO of FRNT Financial. “We’re obviously seeing some surprising positive performance in crypto assets.” “Over the past week, each of the top 10 largest cryptocurrencies by market capitalization has seen gains of at least 10%, with several seeing gains of well over 20%. Additionally, a large number of these stocks are subject to heavy short interest, which is likely one of the contributing factors to the fast price movements.”
The S&P 500 had a loss of 0.2%, while the Nasdaq suffered a more modest loss. GSR stated in a market update that crypto markets are separating from equities and continuing their upward trajectory with bitcoin leading the charge forward. Bitcoin is currently in the top position. The banking sector is leading the charge lower in U.S. equities, which are heading lower as a result of weak bank profits.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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