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

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

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Crypto Stocks Like MicroStrategy, Coinbase Could Shoot Up if Short Sellers ExitAoyon Ashraf is managing editor with more than a decade of experience in covering equity markets
Source: CoinDesk - 🏆 291. / 63 Read more »

MicroStrategy trades at 'unjustifiable premium' to bitcoin, says firm shorting company's stockKerrisdale Capital is short on MicroStrategy's stock and long on spot bitcoin ETFs offered by BlackRock and Fidelity.
Source: TheBlock__ - 🏆 464. / 53 Read more »