Markets
Crypto Stocks See Inflows as Bitcoin Surpasses $71,000
Flows into digital assets have triggered ripple effects outside of rising prices, extending to crypto stocks and decentralized finance (Challenge) and total value locked (TVL) spikes, among others. Crypto stocks have seen increased inflows over the past 24 hours, with some assets extending long-term gains. Crypto stocks are assets whose prices are affected by Bitcoin (BTC), altcoins, or developments in blockchain technology.
Coinbase and MicroStrategy lead crypto stock gains
Crypto stocks saw inflows today thanks to the broader market rally. Digital asset exchange, Coinbase (COIN) recorded a 2.9% rise in the market. This positive price development brought weekly flows above 4.2%. COIN is trading at $251, with bulls pointing towards Q1 2024 performance.
The asset recovered in the first quarter, posting better-than-expected first-quarter earnings. Bull markets see crypto exchanges record high volume increasing profits as institutions invest funds into assets. Coinbase today launched its Smart Wallet, marking asset growth.
MicroStrategy (MSTR) also recorded bullish flows on the stock market. The asset is up 3% in the market as bulls increase inflows on gains in crypto assets. At press time, MSTR is trading at $1,694. Third pushed the asset’s recent gains above 2% this week. MicroStrategy’s Michael Saylor remains bullish on the price of Bitcoin after significant acquisitions of the asset.
Bitcoin miner, Marathon Digital has joined other crypto stocks in the market. The asset is trading higher at $21.07, a gain of 2.68%. The weekly numbers are also about the same as the asset advances.
Broader market peaks
Crypto stocks are rising following a rise in cryptocurrency prices today. Digital assets continue to attract flows as Bitcoin sees new influxes after a reversal of feelings. The price of the asset today traded above $71,600, setting the broader market on fire. Altcoins like Ethereum (ETH) and Solana (SOL) have seen similar gains. ETH is trading at $3,864, extending weekly and monthly inflows to 2.1% and 25% respectively. Meanwhile, Solana price exceeds $170 and stands at $173.
Read also: VanEck Raises Ethereum (ETH) Price Target to $22,000 Following ETF Hype
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 the latest news. Staying on top of trends, David has worked across several niches including regulation, partnerships, crypto assets, stocks, NFTs, and more. Far from the financial markets, David goes cycling and horse riding.