Markets
Coinbase, MicroStrategy, Crypto Stocks Post Weekly Gains
Crypto stocks reversed trend following previous weeks of capital outflows as market sentiment remained weak. This week, most assets saw capital inflows erase losses from the market slowdown. Crypto stocks continue to trade alongside the cryptocurrency market and the broader stock market. These assets are influenced by events in Bitcoin (BTC), altcoins or blockchain technology.
The weekly numbers show that crypto stocks have been gaining against digital assets, although midweek trading showed slight positivity. The market cap still stands at $2.26 trillion, illustrating the negative sentiments in the cryptocurrency market. Here’s how some crypto stocks performed this week.
Crypto stocks hit weekly gains
Digital asset exchange Coinbase posted choppy numbers with low volumes early in the week before massive gains and another round of plummeting numbers. PIECE OF MONEY The stock is trading at $222.23, down 0.7% today after the market posted a bullish outlook. However, weekly gains exceeded 2.5% after positive midweek trading.
Coinbase stock has historically been a proxy for market performance over multiple cycles due to fluctuations in activity. This week, the company announced a partnership with a payments company
Band to reach more customers.
MicroStrategy (MSTR), the company known for its
Bitcoin Assets have seen significant inflows this week, although the numbers are still in the red zone. MARA is down 9% today while weekly numbers are weak at 1%. However, longer-term outflows show the level of recovery the asset has made this week. Trading at $1,377, MSTR has plunged 17.7% this month, erasing a significant portion of the gains recorded in Q1 2023.
Bitcoin Mining Stocks Are On the Rise
Bitcoin mining stocks were probably the biggest gainers among crypto stocks this week. This is due to the midweek trading surge and the increase in the asset’s price. Marathon Digital (MARA) is up 0.97% today at $19.85. This week, the asset is up over 7%, erasing previous losses.
Similarly, Canadian mining company Hut 8 soared 24% this week as market and industry activity increased. Riot Platforms also saw gains of 0.22% today to trade at $9.14.
Read also: Could Solana imitate Ethereum and reach $1,000? Analysts speak out
David is a financial news contributor with 4 years of experience in Blockchain technology and cryptocurrencies. He is interested in emerging technologies and has an eye for breaking news. Staying abreast of trends, David has reported on several niches including regulation, partnerships, crypto assets, stocks, NFTs, and more. Outside of financial markets, David enjoys cycling and horse riding.