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Coinbase and MicroStrategy stocks surge as bitcoin breaks above $72,000

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Crypto-related companies started the week on a positive footing, with Coinbase and MicroStrategy gaining 8% and 12% respectively.

Crypto-related companies started the week on a positive footing after bitcoin broke through the $72,000 mark for the first time since mid-March.

"We estimate that COIN's 1Q24 trading volume would be up 95% quarter-on-quarter, and 107% year-on-year to $300 billion." Oppenheimer analyst Owen Lau said in a note. As reported on MarketWatch, Benchmark analyst Mark Palmer increased his price target for MicroStrategy stock to $1,875 from $990 and reiterated his buy rating in an investor note on Monday. The new target implies around a 17% upside from today's opening price.

In March, MicroStrategy acquired 9,245 more bitcoin for $623 million in cash. With this recent purchase, the company now holds over 1% of the total bitcoin supply.However, according to this week's Bitfinex Alpha report, bitcoin sell pressure could arise from a reduction in the digital asset's supply held by long-term holders.

within the long-term holder cohort is down by approximately 900,000 bitcoin. Notably, outflows from the

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